ProFast has Commercial Equipment Financing available to qualified clients to help you grow your business and get the equipment you need to get the job done.
The deduction limit for Section 179 is $1,000,000 for equipment financing.
This means that if you buy (or finance) a piece of equipment, you can deduct the Full Purchase Price (up to $1,000,000) from your gross income.
The 2020 Section 179 deduction threshold for total amount of equipment that can be purchased is $2,500,000.
This means that you can purchase more equipment and still have the benefit of the Section 179 deduction.
100% for 2021 New and Used Equipment Allowed
Under Modified Accelerated Cost Recovery System (MACRS) Bonus Depreciation has increased first-year depreciation deduction to 100% (vs. 50%) of the adjusted gross basis of qualified property.
This goes into effect for assets placed in service after September 27, 2017 and before January 1, 2023.
Another significant change under the new tax law, is you can use bonus depreciation for purchases of new or used property. Under prior law, you could only use bonus depreciation for new property.
- Keep your cash on hand
- Grow your business without a large cash outlay
- Little to no upfront money
- No financials up to $300,000
- Easier and quicker than a traditional bank loan
- Same-day credit approval for equipment financing
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