Does your business qualify to get this deduction?

You may qualify if you:

• Are a business that purchased or financed new or used business equipment—including business-use vehicles—during the 2019 tax year

• Put this equipment into service between January 1, 2019 and December 31, 2019

• Used this equipment for business purposes more than 50% of the time

• Spent less than $3,500,000 on this equipment

What are the dollar amounts limits on

claiming this tax savings?

These are the limits:

• You cannot write off more than $1,000,000

• The total amount of the equipment purchased cannot be more than $2,500,000. It phases out dollar-for-dollar after that, so once $3,500,000 is spent, the deduction goes away entirely.

Disclaimer:

Please contact your tax advisor for additional info – limits do apply.