Huge Tax Deduction - Take Advantage of Section 179 for Your Spray Foam Rig Purchase
November 11, 2021 – Section 179 is a fantastic incentive for businesses to purchase, finance, or lease equipment this year by allowing businesses to deduct the full amount of the purchase price of equipment (up to certain limits).
If your business plans to take advantage of the Section 179 tax deductions for 2021, then DO NOT WAIT! To qualify for a deduction, the equipment has to be placed in service by December 31st. If your equipment needs to be ordered or manufactured you may run out of time if you wait. If you are looking to offset some profits from 2021 to reduce that check to the government, now is a good time to get pre-approved to be prepared for year-end tax moves. Don’t get caught in the cold and miss out!
The 2021 Deduction limit is $1,050,000 - good on new or used equipment.
The 2021 Deduction threshold for the total amount of equipment acquired is $2,620,000.
$80,000 Equipment Cost
$16,800 Tax Savings
$63,200 Net Equipment Cost
To obtain financing for your new spray rig, my recommendation is always to go through your local bank where you have existing relationships if possible. Local banks typically offer very competitive interest rates and no penalties for early payoff which can save you thousands of dollars in interest.
However, if your local bank is reluctant to finance spray foam equipment for any reason, we offer lease-purchase agreements through our leasing and financing partners.
Equipment leases are a very viable option because:
- Leasing companies often have an easier approval process than conventional banks.
- Leasing companies also require less money down to get started. Your first and last payments are all that is required to get started in most cases.
Also, all payments made on leased equipment are 100% tax-deductible.
Click here to see if you qualify.
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