There has never been a better time to buy Ledwell equipment! 2020 has been a tough year for many, but thanks to the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which was signed into law in March, you can deduct current year tax losses against income from a prior tax year and receive an immediate tax refund.
What does that mean for you?
Suppose you had strong years leading up to 2020. In that case, you can potentially generate a refund from prior years’ taxes that creates working capital now.
The U.S. Government’s Section 179 write-off deduction allows small businesses to write off as much as $1.04 million in qualifying purchases of equipment financed or purchased and put into service between Jan. 1, 2020, and the end of the day on Dec. 31, 2020. Because of the CARES Act, for this year only, you can amend your tax returns up to 5 years back and get refunds on tax you paid in prior years if your deprecation allowance and losses are more than your profits.
That means you can take advantage of today’s lower corporate tax rates—21% in 2020 compared to 35% in 2015—to apply significant tax savings to your truck and trailer purchases.
Plus, bonus depreciation allows up to 100% depreciation on qualified new and used equipment—including any Ledwell equipment.
Don’t delay! You can purchase or finance equipment in 2020 and claim a deduction for these items’ costs under the existing bonus depreciation rules.
Any of the equipment we sell at Ledwell qualifies for this deduction. To order yours today, contact our sales team or browse our website.