Equipment purchased in 2020 may qualify for tax deduction
For businesses purchasing equipment in 2020, the Section 179 deduction is easy to apply. It gives businesses an incentive to invest in equipment and software to boost efficiency, raise productive capacity, expand products and services and grow revenue.
Section 179 Tax Deduction
Tax deduction limit is $1 million
- Most tangible business equipment qualifies.
- Equipment must be purchased and put into use between Jan. 1 and Dec. 31 of the tax year.
- You can take full advantage of the deduction when financing equipment.
- Submit IRS Form 4562 with your tax filing to claim the deduction.
Consult your tax advisor
Section 179 Calculator
Estimate Your Savings. Section 179 is an easy-to-use tax incentive that helps your business keep more capital.
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*Always contact your tax advisor or visit irs.gov for details.