Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. For businesses looking to buy, finance or lease used process and packaging equipment, we wanted to share possible tax deduction benefits you will not want to miss in 2021.
The 2021 Section 179 deduction has been raised to $1,050,000 (that’s one million, fifty thousand dollars!). This means your company can buy, finance, or lease new or used equipment, and write off the full purchase price on your 2021 taxes. This can result in substantial savings.
That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.
To use Section 179 for 2021, the equipment must be purchased (or financed/leased) and put into service by midnight 12/31/2021.
Contact your sales rep today for more details and TAKE ADVANTAGE of the Section 179 Deduction.