Section 179 and Equipment Financing
Section 179 works with equipment financing as long as the equipment qualifies.
Overview of Section 179 and equipment financing.
The Section 179 tax deduction is one of the most widely used tax incentives among business owners in all industries. In 2024, the Section 179 tax deduction limit on eligible equipment is $1,220,000, and the phase-out threshold is $3,050,000.1 So, if you want to acquire new or used equipment for your business, you might be curious to know if Section 179 and equipment financing work together. Well, we have some good news. If the equipment qualifies, you can write off your payments on your upcoming tax return.
Section 179 limits and information on the Balboa Capital website are for illustrative purposes only; the Section 179 limits and information provided are subject to change by the IRS. Please visit the IRS website or consult a qualified tax professional for confirmation of the current Section 179 limits and information related to your situation.
- Application-only for hard collateral up to $500,000
- Application-only for soft collateral up to $350,000
- If approved, same-day funding is available
- Easy online application
- One-hour approval decisions during regular business hours
- Flexible terms available
- Competitive rates
Do not miss out on a nice-sized tax deduction.
Knowing that Section 179 works with equipment financing, it might be time to consider acquiring new equipment, technology, software, or vehicles for your business. However, remember that you can only take advantage of the deduction if the purchased equipment is put into place and working on or before December 31, 2024.
Balboa Capital recommends looking at your company’s equipment needs and budget to determine the best solution.
We have money to lend.
If you are ready to move forward with a business equipment purchase, save your existing capital and line of credit for the future. At Balboa Capital, our equipment financing solutions are an excellent alternative to a big one-time purchase. You can apply for equipment financing from your computer or mobile device. We keep our application simple so that you can complete it quickly.
We provide fast credit decisions during our regular office hours, and same-day funding is not uncommon. So, do not let your business miss out on some sizable tax write-offs. Instead, put the Section 179 tax deduction and Balboa Capital to work for you.
Source:
1 – https://hoodcpas.com/understanding-tax-depreciation-rules-for-2023-and-2024-bonus-depreciation-section-179-explained/
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