SEARCH
diglloydTools™
USA Taxes: Section 179 for Small Business Owners (Accelerated Depreciation): Deduct if In-Service by End Of Year
This site is not a tax adviser, this is FYI ONLY. Consult your own tax adviser. See also Section 179.org.
For a small business owner, the US federal tax code contains a benefit: Section 179 of the internal revenue code. Section 179 at a Glance for 2020, as per Section179.org:
- 2020 Deduction Limit = $1,040,000
- 2020 Spending Cap on equipment purchases = $2,620,000
- Bonus Depreciation: 100% for 2021
In essence, you can write off (fully deduct) depreciable assets acquired and put into service in 2021 as expenses (no depreciation schedule).
See also: Apple MacBook Pro M1 Pro/Max: Hard to Come By, but Some are In Stock.
Any small business that needs a new computer, office gear, camera, or any normally depreciable asset might consider making those purchases and putting them into service by Dec 31.
Need help deciding on a computing or photographic upgrade and/or new system. Lloyd offers consulting.
See my OWC / MacSales.com Wishlists and B&H Photo wishlists.
$3500 SAVE $5499 = 61.0% OWC 16.0TB OWC Accelsior 8M2 PCIe 4.0 NVMe M.2 SSD Storage Solut… in Storage: PCI
|
|
$320 SAVE $479 = 59.0% Western Digital 18.0TB Western Digital Ultrastar DC HC550 3.5-in… in Storage: Hard Drives
|
$999 SAVE $177 = 15.0% OWC 384.0GB (12 x 32GB) OWC PC23400 DDR4 ECC 2933MHz 288-Pin RDI… in All Other Categories
|
$319 SAVE $21 = 6.0% OWC 128.0GB (4 x 32GB) OWC 2666MHz DDR4 PC4-21300 260-Pin SO-DIM… in All Other Categories
|
|
|
|
|
|
|
