How Tax Deductions Can Help You Get The Baler Or Compactor You Need In 2020!
While most of us are anxious to turn the page on 2020, there are tax deductions that all small business owners need to know about. These incentives can save you thousands of dollars, while allowing you to get the waste handling or recycling equipment you need yet this year.
If you are a small business owner, Harmony wants to make sure you know that you can leverage the Section 179 Tax Deductions for 2020 to help you get the baler or compactor you need even before the end of the calendar year!
Here are some FAQ’s to help you understand how you can use the tax code to get your equipment this month!
What is Section 179? Section 179 of the Internal Revenue Service tax code allows you to deduct the FULL purchase price of equipment during the tax year. That means that you can deduct the full purchase price of one or multiple pieces of equipment from your gross income.
Who qualifies for the deduction? Any U.S. business that purchases business equipment in tax year 2020 that does not exceed $3,630,000 in cost.
Is there a limit to the amount of deduction? Yes, you can deduct up to $1,040,000 equipment costs for qualifying equipment put into use before the end of the tax year.
What if I lease a baler or compactor? Whether you purchase or lease equipment, Section 179 allows you to deduct the FULL PURCHASE PRICE for tax year 2020 up front, rather than just deducting payments or annual depreciation.
Do I get the deduction if I finance equipment through my own bank? Yes, whether you purchase, lease, or finance, you can claim the entire purchase price of the equipment. Financing is a very attractive option for many businesses as interest rates are currently at historic lows.
Does it have to be new equipment? No! The deduction applies to the full purchase price of both new AND used equipment.
What’s the catch? There really isn’t any. It’s the governments way of helping small to medium-sized businesses invest in themselves through capital outlay purchased.
For more information about Section 179, visit Section 179.org.
How To Put Section 179 To Work For You!
You may be wondering, how can I take advantage of these tax benefits this close to the end of the year?
Not only do we want to make you aware of the tax breaks, we want to help you get the solution you need…fast!
Here’s how Harmony can help:
- Harmony has several new models of balers and compactors in stock and available for immediate delivery, depending on your location. These include our M60CB Vertical Cardboard Baler, M72HD High Density Baler, our full line of 1, 2, or 3 yard Stationary Compactors. That means if you order today, you can have your equipment on site to qualify for your Section 179 tax incentives before the end of the month!
- We also have several used models of balers and compactors, including our M30STD Small Baler, M60CB Vertical Cardboard Baler, 450SS Stainless Steel Compactor, and our Compactyre Tire Compactor. These are also in stock and ready for delivery to your location.
- All of our new and used models can be purchased or leased, allowing you to take advantage of Section 179 in the way that makes the most sense for your business. Our lease program involves a fast application time – only 2-4 business hours when less than $100,000 and does not affect your credit score to apply. Our lease program has no payments for 90 days, is available in all 50 states, and does not require a down payment. And, unlike most rental programs, when the contract is over, you own your equipment.
- Our new balers and compactors come with an industry leading warranty, and our used equipment carries quality limited warranties. Both give you peace of mind that the equipment you use will last.
Contact Or Call Us Today – Don’t Delay!
Time is running out on 2020, so don’t delay any longer. Contact Us or call us at (507) 886-6666 today! Even if you are not sure you need a baler or a compactor for this calendar year, let our friendly sales staff help you determine what equipment would be right for you. We are not here to push you into a sale of equipment you don’t need. We are here to provide you with the right solution that will help you save time, labor, and money in your waste handling and recycling. Experience Harmony today!
Harmony Enterprises does not offer individual tax advice. We encourage you to talk to your accountant or tax attorney for more information on how the Section 179 code specifically applies your company and the equipment you purchase.