Section 179 Tax Deduction | Pillar Machine
Tax deduction adds financial incentive for equipment purchase
The Section 179 tax deduction is a tax incentive that is easy to use, and gives businesses an incentive to invest in themselves by adding equipment. Taking advantage of Section 179 will help your business keep more capital, while getting needed equipment and software.
Example
Imagine that a company has purchased a new piece of machinery used 100% for business purposes at a cost of $50,000 and zero salvage value. The company could take that asset and depreciate over the course of 5 years as $10,000 each year. Section 179 would instead allow the company to write off the entire $50,000 in the current year.
More about write-offs and QUALIFYING PROPERTY
Tax deduction limit under Section 179 has been raised to $1,220,000.
- Most tangible business equipment qualifies.
- Equipment must be purchased and put into use between Jan. 1 and Dec. 31 of the tax year.
- You can take full advantage of the deduction when leasing equipment.
- Submit IRS Form 4562 with your tax filing to claim the deduction.
Take advantage of this incredible tax break through our financing partner, Stearns Bank.
See how much you can save! Savings Calculator
Pillar Machine and Stearns bank have teamed up to help make the Section 179 tax deduction financial incentive more of a possibility to take advantage of.
Stearns Bank N.A. is a $2 billion financial institution providing nationwide equipment financing for your unique business needs. Employee-owned, Stearns Bank takes pride in providing fast response times, customized financing solutions and personal service, from start to finish.
In addition, Stearns Bank is a nationwide Preferred SBA Lender dedicated to growing businesses by providing flexible, fast financing. With in-house approvals and a streamlined documentation and closing process, providing the financing you need when you need it. We get the job done™
