Section 179 Tax Code
Section 179 tax code allows a company to apply the deduction to new and used equipment. The only caveat is that the equipment must be bought or financed and used in the same tax year. For example, for a deduction to take place for tax year 2020, the equipment has to have been purchased and used between the dates of January 1st, 2020 and the end of day December 31st, 2020. In 2020, the limit for the total deduction amount off is $1,000,000 while the spending cap for equipment purchases is $2,500,000. After this amount, the available deduction starts to reduce on a dollar per dollar basis. Section 179's purpose was to allow businesses to "buy equipment and invest in themselves" without worrying too much about the financial risk that comes with said transaction(s).
New and Used Window Covering Equipment and Machinery
The Section 179 Tax Code allows businesses to obtain assets while receiving a sizable tax deduction. Those in the window covering industry need to take advantage of this tax code whenever they can in order to grow their business. A newer or more advanced manufacturing machine is one of the best ways to increase production and Section 179 gives a deduction on the transaction. A smaller sized business will most likely reap the benefits of Section 179 more than a larger sized business since the smaller size business is unlikely to break the spending cap threshold. All window covering equipment listed on WPMachines.com is eligible for the Section 179 Tax Code (if the machine is used and purchased in the same tax year). We also offer financing on machines as well. Our friends at Crest Capital can help you generate tax savings on our equipment! Visit https://www.crestcapital.com/wpmachines for more information!
Source: Section179.org.
Contact us with any questions or comments: info@wpmachines.com