Reduce your taxable income when you buy before December 31!
Thanks to an increase in the deduction limit under Section 179 of the Internal Revenue Code, you may be able to reduce your taxable income even more in 2021. This year the deduction limit has been increased to cover the full cost of qualifying new and used equipment purchased and placed into service in 2021, up to $1,050,000. The deduction is reduced “dollar-for-dollar” to the extent that qualifying new and used equipment of $2,620,000 or more is purchased and placed into service and is completely phased out if $3,670,000 or more is purchased and placed into service.