Monroe Tractor

Section 179 Tax Savings and Bonus Depreciation 2017

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Purchase new or used equipment and place it into service by 12/31/17*
  • Taxpayers can expense up to $500,000 in purchases for 2017, as long as total purchases don’t exceed $2 million and certain taxable income limitations are met. New and used equipment is eligible for expensing.
  • Bonus Depreciation for new equipment purchases this year, allowing 50% bonus depreciation in addition to normal depreciation. Equipment must be purchased and placed in-service during 2017 to qualify.
  • Apply the additional standard depreciation of 20% per year for another five years.

 

2017 Section 179 and bonus depreciation example calculation
Total 2017 equipment investment $750,000
Section 179 deduction limit $500,000
Additional 50% bonus depreciation $125,000
20% MACRS depreciation (assuming a 5-year life and $250,000 remaining basis) $25,000
Total 2017 tax deduction: $500,000 + $25,000 + $125,000 $650,000
Potential tax savings in first year (assuming a 35% tax rate) $227,500

 

*Consult your tax advisor for more details.

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