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Place It In Service If You Want To Deduct It

Article Highlights:

  • Sec 179 Expensing 
  • Tax Planning Tool 
  • Placed-in-Service Requirement 
Section 179 is a provision of tax law that allows owners of small businesses to expense rather than depreciate equipment purchases made during the year. It is also a popular tax-planning tool allowing business owners to reduce their income for the year by making last-minute year-end purchases. For 2017 up $510,000 ($255,000 for married taxpayers filing separate) of qualifying expenses can be written off. Qualifying property includes machinery, tools, computer equipment, certain leasehold improvements, etc.

However, there is an often-overlooked requirement of Sec 179: and that is not only must the purchase be made before year-end, the purchased item must be placed-in-service placed in service before year-end in order to expense it in the year purchased.

Generally, for Sec. 179 expensing purposes, property is first placed in service when it is placed in a condition or state of readiness and available for it’s a specifically assigned function. For example, a new printer is purchased on December 29, 2017 but is not taken out of the box and connected to the computer system until January 3, 2018. Under these circumstances the printer is deductible in 2018 and not 2017.

Therefore, if you are making year-end purchases to increase your 2017 business expense deductions, be sure the property you purchase is placed in service before year’s end. Please call this office with questions.



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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)


Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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Califon Office