Section 179 Tax Deduction
Bonus depreciation is currently scheduled to phase out over the next seven years so take advantage of this program savings now!
SECTION 179 TAX DEDUCTION
The Section 179 Bonus Depreciation Program has two key benefits:
- Section 179 provides a deduction on the cost of NEW and USED capital equipment purchases — an investment cap applies.
- BONUS DEPRECIATION can be combined with Section 179 deduction for additional savings. Bonus depreciation enables you to take additional depreciation on NEW and USED (new to you) capital equipment purchases.
HOW TO GET IT?
Section 179 allows businesses to deduct the full cost of qualifying new and used equipment from your 2020 taxes, up to $1,000,000. The ability to take deductions under Section 179 begins to phase out for total equipment purchases in excess of $2,500,000. Equipment must be purchased and placed into service by December 31, 2020.
CALCULATION – SAMPLE SCENARIO
BONUS DEPRECIATION PHASE OUT SCHEDULE
We also realize that there are times when a particular job requires a piece of equipment that you only need for a day, a week or perhaps a month. For these instances, we offer an equipment rental program that gets you the equipment when you need it, for as long as you need it, at a fair rate.
Contact your local Five Star branch’s Product Support Sales Specialist for all of your equipment or attachment rental needs.