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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.

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