What Are The Details Of Section 179 Federal Income Tax Deduction?
The 179 Federal Income Tax Deduction has the potential to save you thousands while creating opportunities for expansion and savings. File for this deduction and benefit from your robot purchase.
According to Section179.org: The Section 179 Federal Income Tax deduction "allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income."
Tax Benefits for 2020
Section 179 Deduction has been increased to a Tax Write-Off of $1,040,000. You can write-off up to $1,040,000 in equipment or software purchased on new or used equipment, as long as it is set in place by midnight December 31, 2020.
For 2020, the spending cap on equipment must be under $2,590,000 before the Section 179 Deduction begins to be reduced on a dollar for dollar basis.
In addition, businesses can take advantage of 100% bonus depreciation on both new and used equipment for the entirety of 2020.
Contact a RobotWorx sales associate at 740-251-4312 for more information on how to apply the Section 179 Deduction to your robotic equipment purchases. You can also visit http://www.section179.org/ for additional information.