Section 179 and Bonus Depreciation allows companies to deduct the full purchase price of qualifying equipment or software that was financed or purchased during the tax year. This means that if you bought or leased qualifying equipment in 2019, you are able to deduct the full purchase price from your gross income. In addition, you may also qualify for bonus depreciation. Section 179 and Bonus Depreciation was created to provide tax relief for small businesses, although larger businesses can also benefit from this tax code.
Take a look at what you could save on your new or used equipment. Enter the price of the equipment you are have or are considering purchasing, as well as your businesses tax bracket, then hit calculate and see what your true cost of equipment would be.
Put simply, Section 179 and Bonus Deprecation allows you to take a full tax deduction when you lease, buy, or finance qualifying equipment and software. All qualifying equipment must be purchased and in use by midnight of December 31st, 2019. If you would like to learn more about Section 179 and Bonus Depreciation or if you’re ready to take advantage of this tax incentive, there is still time. Contact KLC Financial today and we would be happy to discuss your options and answer any questions you may have. Disclaimer: KLC Financial, Inc. and its owners are not tax advisors, and this page is not intended to offer tax advice. Please consult with a qualified professional concerning your specific situation.
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