Monroe Tractor

Section 179 Tax Savings and Bonus Depreciation 2020

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Great news for 2020! Thanks to an increase in the Section 179 deduction limit you can now reduce your taxable income even more in 2020! Purchase new or used equipment and place it into service by 12/31/20*

  • Taxpayers can deduct the full cost of equipment from their 2020 taxes up to $1,040,000, with total equipment purchased for the year threshold of $2,590,000. New and used equipment is eligible for expensing.
  • Equipment must be purchased and placed in-service during 2020 to qualify.
  • Tax payers can take both Section 179 and Bonus Depreciation allowances, but Section 179 must be applied first, and any amount over the $1,040,000 limit may then be taken in Bonus Depreciation.
2020 Section 179 and bonus depreciation example calculation.

Use this calculator to estimate your total savings.

Total 2020 equipment purchases $2,590,000
Section 179 deduction $1,040,000
100% bonus 1st year depreciation deduction $1,550,000
Section 179 and 100% bonus depreciation total $2,590,000
Potential tax savings, assuming a 21% tax bracket $543,900

 

*Consult your tax advisor for more details.
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