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Section 179 Calculator

IRS Code Section 179 allows small businesses to deduct 100% of the cost of purchased or financed equipment in the year of acquisition. Equipment write offs can also be applied to reduce State Income Tax and Self Employment Tax.

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Section 179

Section 179 of the IRS Tax Code allows small businesses to deduct the cost of qualifying equipment they have purchased or financed within the tax year. 

For the 2020 tax year businesses can deduct the full cost of qualifying equipment and vehicles, up to $1,000,000. Equipment must be purchased or financed and put into service by midnight 12/31/2020.

Check with your tax professional for additional details and more options for deducting business expenses from your taxes or visit the IRS website for New Rules and Limitations for Depreciation and Expensing Under the Tax Cuts and Jobs Act

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