It’s never to early to start looking at your taxes to see where you can save your business money!
The Section 179 tax deduction limit is set at $1,040,000 for all of 2020. Businesses like yours will be able to deduct the full cost of business essential equipment purchased/financed in 2020 up to $1,040,000*. This includes both new and used equipment purchased and placed in service. Section 179 can provide you with a tax relief for the 2020 tax year, but your equipment must be purchased/financed and in place by midnight of December 31st, 2020.
Bonus depreciation still remains at 100% for equipment acquired and placed in service for the 2020 year. This allows businesses the ability to depreciate 100% of the cost of equipment acquired in fiscal year 2020. Take advantage of the 100% bonus depreciation by financing equipment by the end of the year!
- Equipment deduction limit up to $1,040,000
- Bonus Depreciation remains the same at 100%
- Section 179 applies to both NEW or USED equipment financed in Fiscal year 2020
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*Please consult your tax consultant/accountant for full benefits of Section 179