Section 179 Benefits
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 still set at $1,040,000 for all of 2021. Businesses like yours will be able to deduct the full cost of business essential equipment purchased/financed in 2021 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 2021 tax year, but your equipment must be purchased/financed and in place by midnight of December 31st, 2021.
Bonus depreciation increased last year in 2020 and still remains at 100% for equipment acquired and placed in service for the 2021 year. This allows businesses the ability to depreciate 100% of the cost of equipment acquired in fiscal year 2021. Take advantage of the 100% bonus depreciation by financing equipment by the end of the year!