Thanks to an increase in the Section 179 deduction limit, you can reduce your taxable income even more in 2020!
Here’s a quick summary:
- Section 179 tax deduction limit increased to $1,040,000
- Spending cap increased to $2,590,000 ((Section 179 deduction decreases dollar for dollar on purchases over this cap)
- 100% Bonus Depreciation ((after the Section 179 spending cap is reached)
- Qualifying equipment must be purchased or financed and put into service by December 31, 2020
- Make an equipment purchase before the end of 2020 to maximize your tax savings
- Use our tax calculator to estimate your potential tax savings
- Also take advantage of 0% FINANCING with CNH Industrial Capital!
Equipment must be placed into service between January 1, 2020 to December 31, 2020. CNH Industrial Capital does not provide tax, legal or accounting advice. Dealers and their customers are strongly encouraged to seek their own professional advice on the proper treatment of these transactions.