Have you considered leveraging the Section 179 tax advantage to offset the cost of your industrial machine acquisition?
With Section 179 savings and a customized financing plan, acquiring the CNC cylindrical grinder your company needs today is easy and affordable!
Section 179 Limit at $1,220,000
Section 179 of the IRS tax code allows businesses to deduct the purchase price of new and used equipment, as well as off-the-shelf software.
To take the deduction for tax year 2024, the equipment must be financed or purchased and put into service between January 1, 2024, and the end of the day on December 31, 2024.
2024 Spending Cap on Equipment Purchases = $3,050,000
This 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.
This spending cap makes Section 179 a true "small business tax incentive."
Bonus Depreciation: 60% for 2024
Bonus Depreciation is generally taken after the Section 179 Spending Cap is reached. The Bonus Depreciation is available for both new and used equipment.
Who Qualifies for Section 179?
All businesses that purchase, finance, and/or lease new or used business equipment during the 2024 tax year should qualify for the Section 179 Deduction (assuming they spend less than $4,270,000). Most tangible goods used by American businesses, including “off-the-shelf” software and business-use vehicles (restrictions apply) qualify for the Section 179 Deduction.
Equipment Purchases = $1,300,000
1st Year Write Off = $1,220,000
$1,220,000 max in 2024
60% Bonus 1st Year Depreciation: $48,000
Normal 1st Year Depreciation = $0
Total 1st Year Deduction = $1,268,000
$1,220,000 + $48,000 + $0
Cash / Tax Savings = $443,800
$1,268,000 x 35% tax rate
Equipment Cost after Tax = $856,200
Assuming a 35% tax bracket
This is not legal, tax, or financial advice. Consult your tax adviser or accountant for additional information.
Email or Call Us (770-279-2001) for Section 179 Questions, Financing Options, & Machine Pricing