Please note that to be eligible for a 2021 Section 179 deduction, the eligible equipment must be purchased and put into service by midnight 12/31/2021.
It is not enough to simply buy the equipment. Please keep supply chain issues and delivery times in mind when buying or using Section 179 Qualified Financing, as there are currently no plans to waive the “put into service” requirement.
Eligibility for the Section 179 tax deduction is unaffected by any pandemic-related financial assistance a business may have received (e.g., PPP Loans.) In other words, if a company received a PPP loan or any other Pandemic-related assistance, they may still claim their Section 179 Deduction.