Section 179* of the tax code allows small businesses to deduct the full amount of the purchase price (up to certain limits) of general business equipment.  This deduction allows you to substantially lower the amount that you pay for business equipment.  You can see additional benefits when your new equipment is leased or financed using Section 179 qualified financing. To be eligible for this deduction, you must have purchased/ leased/financed your equipment and have it placed into service during the year in which you plan to take the deduction.
This use-it-or-lose-it write-off is a great incentive for businesses to purchase, finance or lease the business equipment they need.  However, ever-changing federal and state tax laws and tax and stimulus acts can always affect Section 179, so it is critical to speak with your accountant PRIOR to a purchase to determine whether or not your equipment meets eligibility requirements for these tax benefits.
* Always consult your tax advisor as to any tax advantages that may be available with equipment financing and leasing, as the tax code may change each year (or even mid-year) without notice.