Section 179 Tax Deductions
Act Now to take Advantage of Section 179 Tax Deductions!
Nationwide supply chain issues have been a problem with every industry from lumber, computer chips, and equipment hasn't been left out of that! We want to make sure you get the most bang for your buck. To be eligible for the 2021 Section 179 deduction, the equipment must be purchased but also put into service by midnight of 12/31/2021.
Impact on Equipment Cost
The deduction limit for 2021 is $1,050,00.00. This deduction is good until the "total equipment purchased for the year" exceeds 2.62 million for the year. Let's say you spend $85,000 on a piece of equipment, you can deduct the entire amount from your taxable income. In a 35% tax bracket, that is a savings of $29,750!
- One Simple Form from the IRS - Form 4562
- Used or Refurbished Equipment Counts! As long as it's NEW TO YOU.
- The Deadline is 12/31/2021 at Midnight
- Financed or Leased Equipment Counts!
2021 Section 179 Calculator
Play around with the Section 179 Calculator below!