Buy equipment, save money.
It’s not too late to take advantage of the Section 179 deduction! Expand your fleet and lower your tax bill before the end of 2018.Get Started Today
Section 179 of the IRS tax code allows businesses to deduct the purchase price of qualifying equipment purchased or financed during the tax year.
This means if you buy or finance a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE (up to $1 million, total) from your gross income for the year.
This deduction is an incentive for small-to-medium businesses, so there’s a cap on how much you can spend on qualifying equipment each year — $2. 5 million — before your max deduction is reduced dollar-for-dollar. Spending $3 million on qualifying equipment would mean your max deduction is reduced to $500,000.
Most new and used equipment, purchased or financed, qualifies for the Section 179 Deduction.*
(*All buyers may not be eligible for tax deductions. Contact your CPA or legal advisor for advice.)
100% Bonus Depreciation is in effect for 2018 — that means assets can be fully depreciated this tax year instead of over a few years. Assets that you purchase and start using by December 31, 2018 are likely eligible for this deduction. And this year, Bonus Depreciation is retroactive to machines purchased and put into service after September 27, 2017.
As the IRS guidance continues to release guidance regarding the new tax law, it is critical for companies to work with a skilled tax professional to ensure they’re making the best decisions for their situation.
(*All buyers may not be eligible for tax deductions.
Contact your CPA or legal advisor for advice.)