Section 179 of the Federal Income Tax Deduction can help your business save thousands of dollars each year. It does not come as a surprise that small businesses want to maximize their deductions to minimize how much they are taxed.
So, what does this mean for small businesses?
Your business can buy robots, and then make the robots pay for themselves
So, what does this mean for small businesses?
Your business can buy robots, and then make the robots pay for themselves
The Section 179 deduction for 2020 is $1,040,000 dollars. This means U.S. companies can deduct the full price of qualified equipment purchases, up to $1,040,000, with a “total equipment purchase” limit of $2,590,000. The deduction includes both new and used qualified equipment.
Want to automate your production, but unsure about the cost?
If you are unsure about industrial automation due to cost, this tax deduction can work in your favor! When you take into consideration the advantages of automation, including improved quality & reliability, decrease in waste and improved utilization of floor space, the tax deduction is a clear path forward.
If you are considering automating parts for your manufacturing line, contact us to speak with one our engineers.
Here is more information regarding Section 179:
https://www.section179.org/
https://www.section179.org/section_179_calculator/
*Neff Power is not a tax or legal adviser and this article does not substitute for such advice. Please consult your accountant or attorney