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Let us help you take full advantage of IRS Section 179, a special tax deduction that allows you to quickly write-off all or part of the cost of new or used equipment in the same year you purchase it.
Section 179 Deduction for 2021:$1,000,000
Bonus 100% Depreciation for 2021:$1,500,000
Total First Year Deduction:$2,500,000
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IRS Section 179 Tax Deduction qualifications
- Section 179 allows for 100% write off of certain assets up 1,040,000 million. The deduction is intended for small business so the deduction begins to phase out dollar for dollar once total equipment placed in service by the taxpayer is 2,590,000 and completely phased at 3,630,000 in current year equipment purchases. Section 179 is elected asset by asset.
- Most new and use equipment, as well as some software, qualify for the Section 179 Deduction.
- When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation.