Finance

Apply for financing a hydraulic hammer/breaker or other attachment with Western Equipment Finance for more information, contact:

Caleb Boyd
Vice President, National Business Development

Western Equipment Finance

Direct: 704-364-3373
Cell: 704-942-5030
Toll-free Phone: 800-451-7087
Toll-free Fax: 800-215-6799
Email: [email protected]
Web: www.WesternEquipmentFinance.com

A subsidiary of Western State Bank

Section 179

Business owners who acquire equipment (i.e. hydraulic hammer) for their business may elect an enhanced deduction in a single tax year, rather than a little at a time over a number of years. This deduction is known by its section in the tax code, a Section 179 deduction. Businesses may write off up to $1,000,000 per year if they spend less than $2,500,000 on qualified equipment. In addition, bonus depreciation is 100% and is made retroactive to 9/27/2017 and good through 2022. The bonus depreciation now includes used equipment.

If you were considering a major purchase in 2024 or beyond and planned to use bonus depreciation, perhaps bumping that purchase to 2023 makes sense (80% depreciation this year vs. 60% next, and so on). In addition, finance rates are predicted to keep rising so if you were planning to finance your purchase, there’s another advantage to buying earlier.