Keep more dollars in your pocket while purchasing the equipment you want and need. New tax deduction limits under Section 179 of the Internal Revenue Code can reduce your 2024 taxable income. This year the deduction has increased to cover the full cost of qualifying new and used equipment purchased up to $1,220,000. Visit our tax calculator for more details.
ACT NOW: Bonus depreciation is now at 60%.² It can be applied to both new and used equipment, which provides another tax deduction option for your business.
CNH Capital shares how you can save on equipment purchases with Section 179. Read their latest article: The Tax Incentive That Could Save Mid-Sized Business Owners Millions.
¹Equipment must be placed into service between January 1, 2024, to December 31, 2024. CNH Capital does not provide tax, legal or accounting advice. You are strongly encouraged to seek your own professional advice on the proper treatment of these transactions.
²Under current law, bonus depreciation begins to phaseout in 2024 to 60%, 40% in 2025, 20% in 2026 and 0% bonus thereafter on qualified purchases.