Are you taking advantage of Section179? This part of the IRS tax code allows businesses to deduct the total purchase price of qualifying equipment during the tax year. The U.S. government created the Section179 deduction to encourage companies to invest in themselves.
If you buy or lease a piece of equipment, you can deduct the total purchase price from your gross income.
By midnight on December 31, 2021, equipment must be paid for and put into service to qualify for the Section179 deduction.
The Section179 website offers various tools and educational materials to guide you through what qualifies.
There is even a Section179 calculator to assist in figuring out your potential deduction for the 2021 tax year. Follow the prompts and enter your equipment cost, from software to heavy haul trailers, to determine your deduction and lowered equipment cost after tax savings.
Plus, bonus depreciation allows up to 100% depreciation on qualified new and used equipment—including any Ledwell custom manufactured equipment.
Don’t wait! By purchasing or financing equipment in 2021, you can claim a deduction for these items under the existing bonus depreciation rules.