Write off 100% of $1,020,000 worth of Equipment with Section 179 in 2020
Any business is able to write off 100% of the first $1,040,000 worth of equipment they put into service in 2020. This deduction is available for $1 buy leases, $101 leases, as well as equipment finance contracts. Section 179 allows any small to medium-sized business to reduce its income by 100% of the cost of the equipment they put into service in the current calendar year – up to $1,040,000. The threshold for this deductions is $2,590,000. There is bonus depreciation that allows a business to write off 100% of its equipment purchases over $1,040,000. It does not matter how much the company has invested in the equipment. We have structures that allow you to take this write off without making a payment on the equipment this year, as long as you take delivery of your equipment by December 31, 2020.