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Calculate your potential savings with our 2020 Section 179 Deduction Calculator!

How can I find out what I may save with Section 179?

A

Check with your tax advisor or accountant.

B

Use an online 2020 Section 179 Deduction Calculator (Here)

C

Fill out IRS form 4562 to determine your savings.

D

All of the above.

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How much could you save if you spent $150,000 on qualifying assets?

A

$82,350

B

$15,000

C

$48,100

D

$31,500

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Has Section 179 changed over the years?

A

Yes

B

No

C

It depends on the situation and the purchase.

?

Does the date of a purchase have an impact on the Section 179?

A

No, purchase date does not matter, only the date you put it into service.

B

Yes, eligible purchase must happen during the tax year you are electing the deduction.

C

Depends on the situation and the purchase.

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How do I elect the Section 179 Deduction?

A

You don’t have to do anything. The IRS will automatically apply the deduction for you if you qualify.

B

The company that you purchase qualifying assets from will file for the deduction on your behalf.

C

You or your tax preparer must fill out and file IRS form 4562 with your business taxes.

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Can you apply the Section 179 deduction and/or bonus depreciation to financed equipment?

A

Yes, depending on how it is financed.

B

No, the equipment must be owned outright by your company.

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Which of the below business assets qualify for Section 179?

A

Equipment that is purchased for business use.

B

Office furniture.

C

Computers.

D

All of the above.

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What is Bonus Depreciation?

A

Bonus depreciation allows businesses double their depreciation.

B

Bonus depreciation allows businesses to take deductions on equipment purchased in past years.

C

Bonus depreciation allows small businesses that spend more than the Section 179 limit to depreciate up to 100% on the remaining purchase amount.

D

Both A and B.

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What is the 2020 Annual Deduction Limit?

A

$2.5 Million

B

$1.04 Million

C

$500,000

D

$250,000

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Why was Section 179 created?

A

To encourage very large businesses to invest in growth.

B

To encourage small businesses to invest in growth.

C

To make large businesses pay more taxes on equipment they purchase.

D

To allow small businesses to make tax-free equipment purchases.

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How much do you know about Section 179?

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Think you know how Section 179 may save your company big money in 2020? Test your knowledge with our quick quiz and see how much you know.

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