on Tuesday, November 9, 2021
Two key tax benefits:
1. Section 179 provides a deduction on new and used equipment purchases (an investment cap applies)
2. Bonus Depreciation can be combined with Section 179 for additional savings. Bonus depreciation enables you to take additional depreciation on new and used capital equipment purchases.
Bonus depreciation will phase out over the next 5 years as shown below.
|Today to December 31, 2022
|January 1, 2023, to December 31, 2023
|January 1, 2024, to December 31, 2024
|January 1, 2025, to December 31, 2025
|January 1, 2026, to December 31, 2026
|January 1, 2027, and thereafter
The purpose of these tax benefits are to stimulate the economy. The money you save in the short term can be reinvested in capital improvements, expansion projects, and more. You don't want to miss this. Buy that new or used equipment today.
Call our sales department with any questions you may have 405-945-8517
The information is provided should not be constructed as tax advice. We recommend that you consult with your tax advisor regarding how these tax-savings apply to you.