The IRS has Huge Section 179 Tax Saving for 2020!
Do you wish that you had a little help buying equipment to help you grow your business and increase profits? Well, you do!
You’ve got a very rich and benevolent Uncle. Yup, Uncle Sam wants to help you invest in your business by purchasing new and used equipment.
Are you considering whether or not to purchase or lease equipment in the current tax year? This Section 179 Deduction Calculator for 2019 may very well help in your decision, as Section 179 will save your company a lot of money.
How much money can Section 179 save you in 2020?
For 2020, you can deduct up to $1,040,00 in new or used equipment. Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year.
Also, the IRS has declared that “bonus depreciation” can be taken at 100% for equipment you buy this year. For example, a tax bracket of 37% would yield a cash savings $18,500 on a $50,000 equipment purchase.
Learn more about the advantages of the Section 179 Deduction. Contact your own tax advisor to see how this may apply to you.