Tax provision is good through December 31, 2021
Special provisions in the 2021 tax code - called Section 179 - allow for small businesses to deduct 100% of select business equipment, including professional trailers, on their 2021 taxes.
What does this mean for me?
Small businesses that spend less than $2,620,000 on specified business equipment in 2021 may deduct the full cost of the equipment on their 2021 taxes, up to $1,050,000. Purchases must be made and the equipment must first be used by Dec. 31, 2021, to be eligible. Contact a tax professional to confirm that your business is eligible for these special savings.
* These statements present a potential tax scenario based on typical assumptions that may or may not apply to your business. This information is not tax advice. The indicated tax treatment applies only to transactions deemed to reflect a purchase of the equipment or a capitalized lease purchase transaction. Please consult your tax advisor to determine the tax ramifications of acquiring equipment for your business.