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The Internal Revenue Service’s Section 179 Deduction lets businesses deduct up to $1 million of qualifying equipment purchases in the year the equipment is put into use. The deduction can result in significant tax savings even for small businesses. Equipment that is 100% financed is eligible for the deduction
Let’s say you are considering new equipment for your business at a cost of $25,000. You don’t want to tie up all of your cash or your lines of credit so you choose financing. You secure financing through Banleaco, take delivery of the equipment and put it into use by July 1st.
Assuming you are in the 21% tax bracket your purchase could save $5,250 in federal taxes. ($25,000 for the equipment x 21% federal tax)
Based on a 60 month term, your payments would be $2,892 through the end of the year.
The tax savings cover the payments and leave nearly $2,400 in your pocket!
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Urbandale, Iowa 50323
