Time is running out to leverage the Section 179 deduction for this year…
Section 179 of the federal tax code allows businesses to deduct the full purchase or lease price of new technology the first tax year – up to $1,040,000.
Yes, this deduction applies to both leased and purchased equipment. When you buy or lease, you can deduct the full amount on your taxes. When you lease, you pay the monthly lease payments and you still get to deduct the full purchase price on your taxes.
Whether you choose to purchase or lease, you’ll need to put the equipment/software into service by the end of the day December 31, 2020.
Follow this link for more information about Section 179, which includes a savings calculator. Click here.
Then reach out to TCI to discuss new solutions that can help your business get ahead. Contact us today at (703) 321-3030 or firstname.lastname@example.org.