As we move into fourth quarter of 2020, we remember that every fourth quarter, of every year, may represent the busiest time for many of our clients. Profits for the year are often boosted from the frenzy of activity in Q4. Perhaps this remains true for your company also, as you move through the closing months of this turbulent calendar year 2020.
Certainly, your company has proven its resilience in 2020; you’ve changed operations to reflect the times, perhaps now manufacturing personal protective equipment. Or, you were deemed an essential industry, perhaps for strategic defense and government operations. Whatever's the case for your shop, this might be a good time to also take advantage of the Section 179 IRS tax deduction, to provide investment capital at your shop. Our versatile OMAX line of waterjet products will provide a rich cash flow stream, to boost your calendar year 2020 even further, and add more GREEN.
All OMAX Abrasive Waterjets fall under the price cap for capital equipment laid out under Section 179 of the IRS tax code. So, whether you are interested adding the high precision of an OMAX or the versatility of a MAXIEM, you’ll be covered
The Section 179.org website details the deduction: “Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.”
The good news is that these deductions can save you cash on your business tax return. Section 179 may enable you to defer taxes due, and instead provide investment capital in 2020, when you first buy and begin using this property.
Use this calculator to find out how much you can get back.
Please note that this approach may not be right for everyone and you should consult your company’s tax consultsants financial authority on this matter.
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