Ask your tax advisor* about the Tax Cuts and Jobs Act (TCJA) which was passed by the U.S. Congress in December 2017.
It includes a package that allows businesses of all sizes to depreciate the cost of new equipment by:
The TCJA also includes a provision called Section 179 that allows qualifying businesses to take a major deduction on the first $1,040,000 of new or used equipment.
In Canada, the Department of Finance has updated the Capital Cost Allowance to allow businesses to immediately expense 100% of the cost of certain new machines that are purchased before 2028 — so this applies to 2020. Under new Accelerated Investment Incentive rules, Canadian businesses are also eligible for an enhanced tax depreciation write-off in 2020 of up to 3 times the amount that would normally apply.
If you’re looking to put money back to your bottom line this year, your business could save thousands of dollars on new and used equipment purchases. Take advantage of available tax incentives created by the government to encourage businesses to buy equipment and invest in themselves.Read the article
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* U.S. and Canadian tax incentives are complicated. There are many limits, exclusions and special rules for different types of businesses in each country. This announcement is intended for informational purposes only and should not be considered tax or legal advice. Volvo Financial Services does not provide tax
advice. Customers should contact their tax, legal or accounting advisor with specific questions about potential tax savings and details regarding the TCJA in the U.S. or the Capital Cost Allowance in Canada.