The Section 179 tax benefit was created to boost the economy by helping small to medium businesses save money on qualifying equipment purchases – in the year the expense is incurred. Prior to Section 179, companies could only write off the value of the equipment’s depreciation each year. So, if a business purchased $100,000 in equipment that was depreciable over five years, companies could only deduct $20,000 each of the five years. Now, with Section 179, businesses can deduct the full cost of the equipment in year one! For 2020, companies can deduct up to $1.04 million in qualifying purchases, with a maximum spend of $2.59 million. The Section 179 tax incentive applies to both new and used equipment that is purchased or leased and put into service by December 31, 2020.
We have all seen the unprecedented response taken by government authorities in North America and around the globe as a result of Covid-19. At this time, ProCon JCB is operating Sales, Parts & Service under normal business hours from 7:00 am – 5:00 pm Monday – Friday. We know this is an uncertain and unsettling time and we hope that you, your families and your businesses stay healthy. Please contact us at 844.522.4766 or email us at email@example.com