The Section 179 Tax Deduction allows a business to deduct all or part of the purchase price of certain qualifying equipment that is leased or financed.
How It Works:
- When you acquire equipment for your business, you can deduct up to --.
- The deduction phases out when a business purchases more than -- in one year.
- Once you hit the Section 179 deduction limit, you may also qualify for Bonus Depreciation. For --, Bonus Depreciation is --.
- The Section 179 Deduction and Bonus Depreciation apply for both new and used equipment.
With a -- deduction limit, you’ll be able to deduct the full cost of equipment and get thousands back! Use the Section 179 Tax Savings Calculator to find out how much money could be put back into your pocket.
To take advantage of Section 179 in --, the equipment must be purchased and put into service by midnight 12/31/--. Use Form 4562 to claim your deduction.