Through Section 179 of the federal tax code, businesses have an opportunity to generate a huge tax break on technology and equipment purchased, financed or leased in 2021.
The maximum amount a business can expense under Section 179 rules is $1,050,000 for the purchase or lease of both new and used equipment, with a “total equipment purchase” limit of $2.62 million.
Additionally, commercial building enhancements such as Wireless signal boosting, IT network infrastructure, and alarm & security systems qualify for immediate expensing.
Purchased or leased equipment must be put into use by December 31, 2021.
For more details on the 2021 tax break and to access a handy Deduction Calculator, visit:
Check in with your CPA today and then contact us for help in mapping out your investment and implementation of new technology: 800.787.4848 or jnolte@ctsmd.us.