2021 Section 179 New/Used Equipment Tax Deduction

Section 179 allows businesses to take an immediate deduction for business expenses related to depreciable assets such as new and used processing equipment. With a maximum deduction of $1,050,000, businesses can lower their current-year tax liability rather than capitalizing an asset and depreciating it over time in future tax years.  Contact your tax preparer today to see if this opportunity could assist in your next equipment purchase.

 

 

 

 

2021 Section 179 New/Used Equipment Tax Deduction2021-09-09T14:58:54-07:00

Section 179 at a Glance

We know the last thing you want to do is think about taxes! But now is the time to consider what large purchases you may have to make that would benefit you if done by the end of the year.

With 2019 coming to a close, we want to bring your attention to Section 179. Haven’t heard the details? In short, Section 179 will allow businesses to deduct the full purchase price of qualifying agricultural and industrial processing equipment purchased or financed during the 2019 tax year.

That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. Think of it as a “loophole”. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. It is considered most beneficial to small businesses now, more than ever before. Section 179 can help with much needed tax relief while also giving your small business permission to take care of larger purchases that will serve in the growth of your company.

See the included image for an example as to how Section 179 works. Then call your West Coast Companies sales rep to find out how Section 179 can benefit you and the growth of your business!

Section 179 at a Glance2019-12-03T15:12:30-08:00

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