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- Section 179 encourages small businesses to invest in their growth by providing accelerated depreciation and tax deductions on qualifying business purchases.
- All businesses that finance equipment during tax year 2021 may be eligible to deduct the full purchase price from their pre-tax income.
- Up to $1,050,000 of qualifying equipment may be written off on your 2021 tax return.
- To qualify for the Section 179 Deduction, the equipment must be put into use between January 1, 2021 and December 31, 2021
- If you finance the acquisitions, with a loan or a capital lease, you can take advantage of the reduction to taxable income while spreading the payments over the useful life of the assets.
Some business equipment included under Section 179:
• Phone Systems
• Security Systems
• Office Furniture
(The tax scenario shown in the table is only an example for illustrative purposes. Consult your tax advisor regarding the impacts Section 179 and bonus depreciation may have for your business.)
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