With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 increases to $1,000,000 for 2018 and beyond. The limit on equipment purchases likewise has increased to $2.5 million.
Further, the bonus depreciation is 100% and is made retroactive to 9/27/2017 and good through 2022. The bonus depreciation also now includes used equipment.
The obvious advantage of leasing or financing the equipment and/or software from Trust Capital and then taking the Section 179 deduction, without paying the full amount this year! The amount saved in taxes can actually exceed the payments making this an excellent bottom-line friendly deduction.
2018 is the year for section 179 tax savings!
Always make sure you consult with your tax advisor.
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If you have any questions, we invite you to contact us