2020 Tax Calculator for Machine Tool Financing
Enhanced tax incentives available when you purchase equipment in 2020!
MFS will show you how investing in equipment NOW can still pay off in BIG Tax Savings for Fiscal Year 2020.
Section 179 of the IRS tax code allows a deduction up to the full purchase price of qualifying equipment purchased or financed. That means that if you buy (or lease) a piece of qualifying equipment, you may be able to deduct all of the PURCHASE PRICE from your gross income (up to $1,040,000) .
For the 2020 tax year, Section 179 allows businesses that spend less than $2,590,000 a year on qualified equipment to write off up to $1,040,000 in 2020 (available on new or used equipment).
Bonus Depreciation in 2020 is 100%.
Companies should consult their tax accountants to confirm eligibility for tax benefits.
If a company exceeds its depreciation limit for the year, MFS can also offer a number of financial products to minimize a company's tax liability beyond Section 179, and Standard Depreciation.
Manufacturers Financing Services would be happy to finance your equipment purchases and answer any questions relating to this tax law. Please feel free to contact us with any questions.
Contact your MFS Expert: Darryl Schoen (949) 636-0114