Save money with the information in this post

You could lower your taxes with the information contained in this email

Don't miss out on the 2024 Section 179 Tax Deduction. IRS Section 179 allows deductions up to $1,220,000 for taxpayers with total capital investments of $3,050,000 or less.

2024 Section 179 Example Calculation

Cost of Equipment: $1,300,000

First Year Write Off: $1,220,000

Bonus Depreciation Deduction

(60% in 2024) : $48,000

Normal 1st Year Depreciation: $0

Total 1st Year Deduction: $1,268,000

Tax Savings: $443,800

(Cash You Keep Instead of Sending to the IRS)

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Equipment Cost (After Tax Savings): $856,200

This allowance applies to NEW and USED equipment purchased and put into service by December 31, 2024.

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Section 179

Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. This means that if a business buys or leases a piece of qualifying equipment, it can deduct the FULL PURCHASE PRICE from its gross income.

The Material Handling Industry is one of the industries that can benefit from Section 179. Material handling equipment such as forklifts, pallet jacks, and other warehouse equipment can qualify.

Not all equipment qualifies for the Section 179 deduction. The equipment must be used for business purposes more than 50% of the time to qualify for the deduction, and the equipment must be financed or purchased and put into service between January 1, 2024 and the end of the day on December 31, 2024.

Section 179 is a tax code that allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. The Material Handling Industry is one of the industries that can benefit from this tax code. Please consult with a tax professional for more information on how to take advantage of Section 179.

Source(s)

Tags: taxes section 179

by FM Staff, published Thursday, December 12, 2024 updated 2024-12-12 10:01:39