Need more incentive? Tax benefits from equipment leasing or financing will save you money.
Businesses purchasing, financing, or leasing (Capital or $1.00 types) new or used equipment in 2018 can elect to expense up to $1,000,000 each year under IRS Section 179. The Section 179 rules are designed for small companies, so the $1,000,000 write-off is reduced dollar-for-dollar as total equipment purchases exceed $2,500,000 in a calendar year.
In addition to the Section 179 deduction, Bonus Depreciation has been increased to 100% and is now allowed for both new or used equipment that is purchased, financed, or leased (Capital or $1.00 types) and placed into service before Jan. 1, 2023, regardless of the amount of new equipment purchased in a calendar year resulting in significant tax benefits for purchases.
Learn more about these tax incentives with our Section 179 Calculator.
Of course, this information is not specific accounting, legal, or tax advice. Please consult your accountant or tax professional to confirm your eligibility for tax incentives and benefits.
The information presented above is not specific accounting, legal, or tax advice. Consult with an accountant or other tax professional to confirm your eligibility for tax incentives and benefits.