2020 Tax Incentives, Did You Know??

Please be aware that due to COVID-19 deliveries are taking much longer than normal. If you wish to take advantage of this year’s tax break you will need to place an order as soon as possible. And just as a friendly reminder, the Section 179 tax incentives have been increased to a $2,500,000 spending cap and a $1,000,000 write-off. Plus, the 50% bonus depreciation has also been increased to 100%. Let the government help buy your new or used machinery this year.

The recently enacted Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or ‘the Act’) reinstates the ability for taxpayers to deduct current year tax losses against income from a prior tax year and receive immediate tax refund.

With the acquisition of machinery and equipment and 100% bonus depreciation, a taxpayer can receive income tax refunds from as far back as 2015. While it may be a daunting task to make a significant capital acquisition in the current economic environment, for those companies that are able to weather the storm and position your business for a robust rebound, this tax provision should be carefully evaluated with their tax advisors.

Ebay Store

Check out our Ebay Store for some great deals on select machines!