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Section 179 Tax Deduction

Take advantage of the Section 179 tax deductions!

 

Now is the perfect time to buy or convert your rental into equipment you own and get a sizeable tax deduction.
 

Section 179 allows businesses to deduct the full cost of qualifying new and used equipment from your 2020 taxes up to $1,040,000. The ability to take deductions under Section 179 begins to phase out for total equipment purchases in excess of $2,590,000. Equipment must be purchased and placed into service by December 31, 2020.

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$1.04 Million

Deduction Limit

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$2.59 Million

Spending Cap

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100%

Bonus Depreciation

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Deadline

12/31/2020

CALCULATION - SAMPLE SCENARIO

 

Equipment Cost$100,000
Section 179 Deduction$100,000
Bonus Depreciation [100%]$0
First Year Deduction$100,000

Cash Savings:
 
[35% Tax Bracket]$35,000
[21% Tax Bracket]$21,000

Cost of Equipment after Tax Savings
 
[35% Tax Bracket]$65,000
[21% Tax Bracket]$79,000

 

 

NOTE: This information should not be considered tax or legal advice. Contact the IRS or your tax advisor for additional details.

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