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2020 Tax Credit

Section 179 Tax Credit

Year 2020

Lower the True Cost of Purchasing you Business Equipment

Section 179 is the area of the IRS tax code created to help businesses reduce their tax liability

Take Advantage of the 2020 Section 179 Tax Credit!
Section 179 is an excellent incentive for business to purchase, finance, or lease equipment this year.
Click to see how much money you can save.

 

Section 179 Deduction Limits for 2020:
The Section 179 Deduction for 2020 is $1,040,000.
This means your company can deduct the full cost of qualifying equipment, up to $$1,040,000, from your 2020 taxes.
This deduction is good until you reach $2,590,000 in purchases for the year.
Section 179 is a Tax Break for Small and Medium Businesses
Section 179 is meant to target small and medium sized companies.
The full “up to one million dollars” deduction can be claimed until the $2,590,000 equipment purchases limit is reached.

Once that limit is reached, the deduction decreases on a dollar for dollar basis, and reaches zero once $3,630,000 worth of equipment is purchased.

This makes it a very effective tax deduction for small and medium businesses, who typically will not hit $2,590,000 in purchases in any given year.

See How much you can save

Section 179 tax form 4562

Your business equipment or software MUST be put in place and in use by December 31, 2020 to qualify. Please don’t wait until the last minute to take advantage of this Tax Credit.