Time is ticking, as we are rounding the corner to the end of 2020, now is the time to make your capital equipment purchases. Why now? BUYING OR LEASING NOW ensures that your equipment will be in your facility by December 31, which is the cutoff date to qualify for 2020 Section 179 tax deductions.
So what is Section 179? At a glance, Section 179 is a tax deduction for the tax year 2020. The deduction allows you to deduct the entire cost of your equipment in one year as an expense, rather than requiring the cost of the equipment to be capitalized and depreciated over time! deduction was The deduction applies to qualified equipment (new and used equipment) purchased or financed and put into service between January 1, 2020 and the end of the day on December 31, 2020.
Here is an example of your tax savings at work:
Contact Lewis and Clark today for your equipment needs or questions or email us at sales@lewis-clark.com. For additional information on the Section 170 Tax Deduction got to www.section179.org.
