Monroe Tractor

Section 179 Tax Savings and Bonus Depreciation 2021

Great news for 2021! We have new and used machines in inventory that are ready to be put to work.

Thanks to an increase in the Section 179 deduction limit you can now reduce your taxable income even more in 2021! Purchase new or used equipment and place it into service by 12/31/21*

  • Taxpayers can deduct the full cost of equipment from their 2021 taxes up to $1,040,000, with total equipment purchased for the year threshold of $2,620,000. New and used equipment is eligible for expensing.
  • Equipment must be purchased and placed into service during 2021 to qualify.
  • Taxpayers can take both Section 179 and Bonus Depreciation allowances, but Section 179 must be applied first, and any amount over the $1,050,000 limit may then be taken in Bonus Depreciation.
2021 Section 179 and bonus depreciation example calculation.

Use this calculator to estimate your total savings.

  Total 2021 equipment purchases   $2,620,000
  Section 179 deduction   $1,050,000
  100% bonus 1st year depreciation deduction   $1,570,000
  Section 179 and 100% bonus depreciation total   $2,620,000
  Potential tax savings, assuming a 21% tax bracket   $550,200

*Consult your tax advisor for more details.

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