DON’T MISS THE DEADLINE FOR TAX BENEFITS FROM SECTION 179

We want to remind there are a few months left to take advantage of the Section 179 deduction. This allows businesses to deduct the full cost of qualified equipment from their 2019 taxes, up to $500,000, with a “total equipment purchased for the year” allowance of $2,500,000.

Deduction Limit for 2019

This deduction is good on new and used equipment. To take the deduction for tax year 2019, the equipment must be financed or purchased and put into service between January 1, 2019 and the end of the day on December 31, 2019.

2019 Spending Cap on equipment purchases is $2,500,000

$2,500,000 is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar for dollar basis.

Bonus Depreciation 100% for 2019

The Bonus Depreciation is available for both new and used equipment and is generally taken after the Section 179 Spending Cap is reached.

To take advantage of Section 179 the new or used equipment must be purchased and put into service by 11:59 pm on Dec. 31, 2019.

What qualifies?*

Business equipment including, machinery, computers, office furniture, storage tanks, signage, and any other commercial equipment.
Most trucks and vehicles designed for commercial use.
Vehicles with 6,000+ pounds GVW (gross vehicle weight) qualify; however, they are limited to a $25,000 deduction.
Off-the-shelf software that is not substantially modified.

Use our Payment Calculator for a quick estimate of your monthly lease payments.

Give us a call if you have any questions. Don’t wait and miss out, take the first step and apply for financing now.

800.733.5529
contactus@madisoncapital.com

*DISCLAIMER: The qualifying information is not intended to provide legal or accounting advice, or to address specific situations. Please consult your legal or tax advisor. For more information of Section 179 please visit www.irs.gov/section-179