REDUCE THE COST OF YOUR EQUIPMENT THIS YEAR
What is the Section 179 Tax incentive?
This deduction allows businesses to deduct the FULL PURCHASE PRICE of qualifying business equipment that has been acquired or financed by December 31st of current the tax year.
Already have equipment in mind? Get pre-qualified with no obligation before you buy: APPLY ONLINE
How does it work?
- The deduction can be applied to all equipment & software acquired and installed by 12/31/20
- For the 2020 tax year, the limit on individual equipment cost purchased is $1,040,000 or less
- To receive the full deduction, the total cost of equipment acquired in 2020 must be $2,590,000 or less
- Full deduction can only be taken during the first year of equipment use
What do I need to do?
- Purchase the equipment you need before 12/31
- Fill out Part 1 of IRS Form 4562
- Attach the form to your Tax Return
- Where can I find more information on current Section 179 qualifications? https://www.irs.gov/publications/p946
- Where can I find the necessary form I need to apply for the Section 179 deduction? https://www.irs.gov/forms-pubs/about-form-4562
Ready to start saving? Click below to apply!
PLEASE NOTE: North Star Leasing provides the above Section 179 information as a guideline only. Please review with a professional tax advisor to determine actual tax savings qualifications.