Can new equipment lower your tax bill?
Taking Advantage of the Section 179 Tax Deduction for New Equipment If you’ve been putting off replacing unreliable or inefficient equipment, now may be a better time than you think to invest in your business and take advantage of a game-changing tax benefit. According to section179.org , all businesses that purchase, finance, and/or lease new business equipment during tax year 2020 should qualify for the Section 179 deduction. What does that mean to you? Section 179 allows your business to write off the entire purchase price of qualifying equipment for the current tax year (up to $1,000,000), which means that you can purchase the equipment that you need now. In fact, much of the equipment businesses purchased to comply with COVID-19 restrictions, such as sanitizing stations, dividers, and new printed signage, will also qualify for the Section 179 tax Deduction. You’ll find details on the new Section 179 and COVID-19 page . Even if your business received a PPP loan or any other ...