Take Advantage of New 2021 Tax Incentives*

There is still time to take advantage of year-end tax savings!

GOVERNMENT

TAX SAVINGS

Section 179 is a tax incentive that allows small businesses to write off the entire purchase price of qualifying equipment in the year it was purchased. The benefits of Section 179 are dramatic for small businesses that buy or leasing equipment.

Reduce your taxable income even more in 2021, thanks to an increase in the deduction limit under Section 179 of the Internal Revenue Code. Now you may be able to deduct from your 2021 taxable income the full cost of qualifying new and used equipment purchased and placed into service in 2021, up to $1,050,000. The deduction is reduced “dollar-for-dollar” to the extent that qualifying new and used equipment of $2,620,000 or more is purchased and placed into service, and is completely phased out if $3,670,000 or more is purchased and placed into service.

DON’T FORGET: To the extent you do not take a Section 179 deduction, 100% bonus depreciation is generally available in 2021 for qualifying new and used equipment purchased and placed into service in 2021.

Buy the new or used equipment you need and keep more dollars in your pocket.

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Let ASCO save you time and money on your next equipment purchase or lease.

*Under the Tax Cuts and Jobs Act many equipment purchases qualify for tax advantages. Contact your tax adviser to discuss your options as they relate to Section 179 expenses and bonus depreciation. Restriction may apply. ASCO does not provide tax advice and this should not be considered tax or legal advice.