Wendt points to clock ticking on tax benefit

Wendt points to clock ticking on tax benefit
<![CDATA[

Buffalo, New York-based Wendt Corp. has issued a reminder to current and potential customers that a 2021 equipment purchasing tax break tied to Section 179 of the Internal Revenue Service (IRS) tax code is set to expire at the end of the year.

The aspect of Section 179 allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the 2021 tax year, says Wendt Corp. “This means if you purchase qualifying equipment, including used equipment, you can deduct the full cost of that equipment from your gross income,” writes the firm in a late November e-mail sent to its customer list.

The vendor of shredding, wire processing, automated sorting and other equipment says the federal tax incentive was designed to encourage companies to buy equipment and invest in their businesses. “Time is running out as equipment must be purchased and placed into service by midnight on Dec. 31, 2021,” writes Wendt Corp.

Companies can expense up to a $1.05 million deduction on new or used equipment via the Section 179 benefit, adds the company. “Equipment must be depreciable under the Modified Accelerated Cost Recovery System (MACRS) with a recovery period of 20 years or less,” adds the firm.

]]>
Source: Recycling Today
Wendt points to clock ticking on tax benefit
<![CDATA[Buffalo, New York-based Wendt Corp. has issued a reminder to current and potential customers that a 2021 equipment purchasing tax break tied to Section 179 of the Internal Revenue Service (IRS) tax code is set to expire at the end of the year.The aspect of Section 179 allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the 2021 tax year, says Wendt Corp. “This means if you purchase qualifying equipment, including used equipment, you can deduct the full cost of that equipment from your gross income,” writes the firm in a late November e-mail sent to its customer list.The vendor of shredding, wire processing, automated sorting and other equipment says the federal tax incentive was designed to encourage companies to buy equipment and invest in their businesses. “Time is running out as equipment must be purchased and placed into service by midnight on Dec. 31, 2021,” writes Wendt Corp.Companies can expense up to a $1.05 million deduction on new or used equipment via the Section 179 benefit, adds the company. “Equipment must be depreciable under the Modified Accelerated Cost Recovery System (MACRS) with a recovery period of 20 years or less,” adds the firm.]]>