To be eligible for a 2021 Section 179 deduction, the eligible equipment must be purchased and put into service by midnight December 31, 2021. It’s not enough to merely buy the equipment.
Given that, laundromat owners are reminded to keep the current 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.
The 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 percent bonus depreciation on both new and used equipment for the entirety of 2021.
