It enables you to take additional depreciation on new and used (new to you) capital equipment purchases.īonus depreciation is currently scheduled to phase out over the next 10 years. Bonus Depreciation can be combined with the Section 179 deduction for additional savings. The second tax advantage is Bonus Depreciation.
No one loves depreciation, but everyone loves a bonus. Section 179 provides the allowable deduction limit of $1,000,000 on the cost of new and used capital equipment purchased with an investment cap of $2,500,000.
The first key tax benefit for equipment owners is Section 179 of the U.S. How does an immediate tax break after the purchase of new equipment sound? Good, right? Good news: The IRS allows for tax advantages on the purchase of new and used equipment.Įven better news: There is more than one advantage! In fact, there are two key tax benefits that you will want to keep in your back pocket for when tax season rolls around. Whether you are trying to calculate a loan or lease, looking for answers to financial questions, or simply need to access the tools available to you as part of your MyJohnDeere account, John Deere has the financial resources to help you make sense of the math. We know that you would rather be out working on the land than sitting at your dining room table crunching numbers, so we have made it our goal to help you take care of the financials as much as we can. Almost every farmer’s least favorite piece of equipment is their calculator.
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