The IRS Section 179 Deduction allows you to take the depreciation deduction for qualifying business assets in their first year, rather than factoring in depreciation over a longer period of time.
IRS Section 179 Deductions Highlights:
• Most new and used equipment, as well as some software, qualify for the Section 179 Deduction
• 100% bonus depreciation for 2020 new and used equipment allowed*
• Section 179 deduction limit is now $1,040,000**
• 2020 Section 179 Deduction threshold for total amount of equipment that can be purchased is now $2,590,000