Equipment purchased in 2019 may qualify for tax deduction
For businesses purchasing equipment in 2019, the Section 179 deduction is easy to apply. It gives businesses an incentive to invest in equipment and software to boost efficiency, lift productive capacity, expand products and services, and grow their 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.
Section 179: The Google Autocomplete Interview
Mindy Lund and Michelle Fuchs of Stearns Bank answer common questions about the Section 179 tax deduction, based on Google searches.