Reduce Taxes with Bonus Depreciation.
Over the last several years, many companies have saved on their taxes by taking advantage of Section 179 and Section 168(k) of the IRS Tax Code. While originally adopted in 1958, there have been a great many modifications to the provisions, most recently some fairly significant changes in 2018. For 2020, there were slight increases in the deduction limit and the spending cap.
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With Section 179, your business can realize full-value depreciation in the current tax year, which can have a huge impact on how companies budget for capital purchases.