Securing new equipment financing doesn't have to be a hassle. Convert your next geospatial or software purchase into one manageable payment. Vectors offers a quick and straightforward application process that can be handled in-house.

Trimble Financial Services offers 24 monthly payments (with rate a factor of .04167).

The Section 179 deduction for 2021 is $1,050,000 (up from $1,040,000 in 2020). This means U.S. companies can deduct the full price of qualified equipment purchases, up to $1,050,000, with a “total equipment purchase” limit of $2.62 million (up from $2.59 million in 2020). The deduction includes both new and used qualified equipment.

In addition, businesses can take advantage of 100% bonus depreciation on both new and used equipment for the entirety of 2021.

Check out the fully updated 2021 Section 179 Calculator to see how the Section 179 tax deduction can benefit your company in 2021.

Instead of writing off the equipment through depreciation over a few years (typically 3-5), business owners have the opportunity to write off the entire equipment purchase price upfront, at one time.  This is especially beneficial for those businesses who are leasing the equipment as they did not even have to incur the initial out of pocket expense to qualify for a sizable deduction. Some businesses may be surprised to find that the total amount of lease payments made the first year will be less than the tax benefit created through the Section 179 deduction.

*You should always consult with your qualified accountant when it comes to your specific business tax deductions. Additional information on business taxes and Section 179 can be found at www.irs.gov.