2021 SECTION 179 TAX DEDUCTION.
Now through December 31, 2021, eligible business owners can write off up to $1,050,000 when you purchase, finance or lease new or used equipment. A $2,620,000 maximum can be spent on eligible equipment before the available tax deduction is reduced. Also, a 100% bonus depreciation is available for new and used equipment, after the spending cap has been reached. The bonus depreciation is retroactive to September 27, 2017 and good through 2022.
To compute your potential savings, go to the official Section 179 calculator.
We encourage you to contact your tax advisor concerning the 2021 Section 179 deduction and specific qualification details.