Use Your Section 179 Tax Discounts
Reduce your taxable income even more in 2020, thanks to an increase in the deduction limit for Section 179. Now you can deduct the full cost of qualifying new and used equipment purchases from your 2020 taxable income, up to $1,040,000. What's more, the investment limit increased to $2,590,000. It is after this amount the Section 179 deduction limit is reduced "dollar-for-dollar" until completely phased out if total purchases equal or exceed $3,630,000. Don't forget: Once qualifying Section 179 benefits are exhausted, bonus depreciation is available at 100% and applies to new and used equipment.
- Buy the new or used equipment you need and keep more dollars in your pocket.
- Equipment must be placed in service between January 1, 2020, and December 31, 2020.
- Yearly Section 179 deduction limits are now indexed for inflation, so you can tax plan with confidence.
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