Take advantage of the Section 179 tax deductions

December 2020

Now is the perfect time to buy or convert your rental into equipment you own, and get a sizeable tax deduction.

Section 179 allows businesses to deduct the full cost of qualifying new and used equipment from your 2020 taxes, up to $1,040,000. The ability to take deductions under Section 179 begins to phase out for total equipment purchases in excess of $2,590,000. Equipment must be purchased and placed into service by December 31, 2020.

Further, eligibility for the Section 179 tax deduction for 2020 is unaffected by any pandemic-related financial assistance a business may have received (e.g., PPP Loans.) In other words, if a company received a PPP loan or any other Pandemic-related assistance, they may still claim their Section 179 Deduction.

section 179 2020