2020 Tax Benefits Expire at Midnight, December 31st
Tax savings are a big deal for small businesses. This year you can take advantage of increased deduction limits. Special provisions in the tax code called "Section 179" allow for small businesses to deduct 100% of select business equipment, including professional-grade trailers, on their 2018 taxes.
Small businesses that spend less than $2,500,000 on specified business equipment in 2018 may deduct the full cost of the equipment on their 2018 taxes, up to $1,000,000.
Please be sure to contact your tax professional to find out if tax savings are available for your business.