---
title: Take advantage of your year-end tax savings!
description: Take advantage of your year-end tax savings and receive up to a $1,040,000 tax deduction on equipment purchases made in 2020!
image: https://blog.worldwidemachinery.com/hubfs/savings%20bank.jpg
---

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# Take advantage of your year-end tax savings!

 By [Worldwide Machinery](https://blog.worldwidemachinery.com/author/worldwide-machinery) on October, 27 2020

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Time is running out! End 2020 on a high note with a new piece of machinery from your trusted heavy equipment partner. 

With a little more than 2 months left in 2020, we wanted to remind you of the Section 179 Deduction and bonus tax depreciation on equipment purchased before the end of the year. Your business can receive up to a $1,040,000 tax deduction on equipment purchases made in 2020. Additionally, take advantage of 100% bonus depreciation (for acquisitions of new equipment only) after the $2,590,000 cap is reached. Purchases must be made by December 31st to qualify for the 2020 tax year.

The [Section 179 Deduction and Bonus Depreciation](https://www.section179.org/section_179_deduction/) has a real impact on your business. Here is an example calculation of the deduction:

**2020 Section 179**

*Example Calculation *

| Equipment Purchase                                                 $1,150,000 |
| --- |
| Section 179 deduction                                              $1,000,000 ($1,000,000 maximum in 2018) |
| 100% Depreciation.                                                     $150,000 (via PATH act of 2015) |
| Normal First Year Depreciation.                              $0 (5 year life rate) |
| Total First Year Deduction.                                         $1,150,000 ($1,000,000+$150,000+$0) |
| Cash Savings (assuming a 35% tax bracket)                                   $402,000 |
| **Equipment cost after Tax Savings                       $747,000** |

 

[Click Here for a 2020 Tax Deduction Calculator ](http://www.section179.org/section_179_calculator.php)

 We currently have: [dozers,](https://worldwidemachinery.com/for-sale/dozers/) [excavators](https://worldwidemachinery.com/for-sale/excavators/), [motor graders](https://worldwidemachinery.com/for-sale/motor-graders/), [loaders](https://worldwidemachinery.com/for-sale/wheel-loaders/), water trucks, [pipelayers](https://worldwidemachinery.com/for-sale/pipelayers/), [crawler carriers](https://worldwidemachinery.com/for-sale/crawler-carrier/), and more ready to work!

[Click Here for a List of Our Used Equipment](https://worldwidemachinery.com/wp-json/wwmach/for-sale/equipment.pdf)

As the end of 2020 draws near, we are excited for things to come in 2021. All of us at Worldwide Machinery deeply appreciate the partnership we have with your business!

Let us know what equipment you are in the market for as 2020 comes to an end. We are proud to offer well maintained new and used earthmoving and pipeline equipment for 0% APR for up to 48 months. 

***This information is intended for informational purposes only. Customers should always consult legal counsel, their accountant, or tax advisor before making a decision.***

 

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 - October 29, 2020

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