Purchase Drone Surveying Equipment Before 2024 Ends and Get a Big Deduction on Your 2024 Taxes!
If you’re in the market for drone LiDAR equipment and advanced processing software to enhance your surveying capabilities, the 2024 Section 179 tax provision offers a unique opportunity. Section 179 allows for businesses to enjoy substantial deductions on qualifying equipment and software purchases, making it the ideal time to invest in the latest drone surveying technology. Before the year ends, now is an excellent opportunity to add drone surveying equipment and processing software from GeoCue and Microdrones and reduce your 2024 taxes.
Understanding Section 179 Deduction
The Section 179 Deduction allows businesses to deduct the full purchase price of qualifying equipment acquired or financed during the tax year. For tax years beginning in 2024, the maximum section 179 expense deduction is $1,220,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $3,050,000.Also, the maximum section 179 expense deduction for sport utility vehicles placed in service in tax years beginning in 2024 is $30,500.
This deduction isn’t limited to new equipment; it also applies to used equipment and off-the-shelf software. Most businesses that purchase, finance, or lease new or used business equipment during tax year 2024 should qualify for the Section 179 Deduction, provided their spending stays below $4,050,000. Qualifying equipment includes tangible goods used by American businesses and off-the-shelf software.
Whether it’s the EasyOne from Microdrones, TrueView 3D Imaging Systems from GeoCue, or LP360 LiDAR & photogrammetry 3D point cloud software, you still have time to benefit from Section 179 in 2024.
Spending Cap for Equipment Purchases
For added flexibility and benefits, the 2024 Section 179 Deduction comes with a spending cap of $4,050,000. This cap represents the maximum amount you can invest in equipment before the Section 179 Deduction starts to reduce on a dollar-for-dollar basis. This spending cap caters to small and medium-sized businesses.
The Timing Matters
It’s also important to consider the timing of your equipment purchases to fully benefit from the 2024 Section 179 Deduction. Equipment must be bought and put into service by midnight on December 31st, 2024. So, if you’re planning to invest in drone LiDAR surveying equipment, ensure you make your purchases in time to meet this deadline.
So, Don’t Wait
The 2024 Section 179 Deduction offers businesses a remarkable opportunity to invest in drone LiDAR surveying equipment and software, from Microdrones and GeoCue, while enjoying significant tax savings. With an increased deduction limit, a generous spending cap, and bonus depreciation, this tax provision is a genuine small and medium-sized business incentive. To make the most of this deduction, ensure your equipment is purchased and put into service by December 31, 2023.
IMPORTANT DISCLAIMER
- We are not tax advisors and cannot opine on whether tax authorities will accept the tax break
- Before they purchase equipment with the intent of availing of the tax break, potential customers need to consult with their own tax advisors and make a determination whether they can elect for the tax break
- Neither Microdrones nor GeoCue can be held liable for any failure of a purchaser of equipment to avail of the tax break
These disclaimers highlight the importance of seeking expert guidance and ensuring compliance with tax regulations. While the tax savings under Section 179 can be significant, it’s always wise to consult with a tax professional who can provide tailored advice based on your unique financial situation.
Don’t miss out on this chance to boost your surveying capabilities and save big on your 2024 taxes. Reach out to your tax advisor to discuss your eligibility for the Section 179 Deduction and start planning your drone LiDAR equipment and software acquisitions today.
Act now, maximize your savings.