APPLY NOW The Section 179 Deduction and Bonus Depreciation KLC Financial > The Section 179 Deduction and Bonus Depreciation The Section 179 Deduction and Bonus Depreciation WHAT IS SECTION 179 and Bonus Depreciation? Section 179 and Bonus Depreciation allows companies to deduct the full purchase price of qualifying equipment or software that was financed or purchased during the tax year. This means that if you bought or leased qualifying equipment in 2019, you are able to deduct the full purchase price from your gross income. In addition, you may also qualify for bonus depreciation. Section 179 and Bonus Depreciation was created to provide tax relief for small businesses, although larger businesses can also benefit from this tax code. SECTION 179 & BONUS DEPRECIATION – FEATURES/ HIGHLIGHTS Section 179 Deduction for 2019 For both new and used equipment Up to $1,000,000 if equipment is installed and put into service by midnight December 31, 2019 Up to $2,500,000 in qualified purchases. The deduction now includes improvements to nonresidential property: HVAC, roof, fire protection, alarms and security systems. Bonus Depreciation New and Used Equipment Up to 100% of your total equipment cost HOW MUCH CAN YOU SAVE? Take a look at what you could save on your new or used equipment. Enter the price of the equipment you are have or are considering purchasing, as well as your businesses tax bracket, then hit calculate and see what your true cost of equipment would be. Cost of Equipment Assumed Tax Bracket CALCULATE Section 179 Deduction Bonus Depreciation Regular 1st Year Depreciation TOTAL DEDUCTION IN FIRST YEAR CASH SAVINGS ON YOUR PURCHASE Lowered Cost of Equipment: (after Tax Savings) TAKE ADVANTAGE OF SECTION 179 & BONUS DEPRECIATION Put simply, Section 179 and Bonus Deprecation allows you to take a full tax deduction when you lease, buy, or finance qualifying equipment and software. All qualifying equipment must be purchased and in use by midnight of December 31st, 2019. If you would like to learn more about Section 179 and Bonus Depreciation or if you’re ready to take advantage of this tax incentive, there is still time. Contact KLC Financial today and we would be happy to discuss your options and answer any questions you may have. Disclaimer: KLC Financial, Inc. and its owners are not tax advisors, and this page is not intended to offer tax advice. Please consult with a qualified professional concerning your specific situation. KLC Financial Inc has been financing equipment like yours since 1987. Getting Started Print Application Secure File Transfer Apply Now Get More Information Contact Info Our support team is available to help you with equipment financing solutions. 3514 County Road 101 Minnetonka, MN 55345 952.224.4300 info@klcfinancial.com Copyright © 2021 KLC Financial, Inc. Privacy Policy