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Sep 30, 2022

2020 Tax Write Off

2020 Tax Write Off

It may be tough to come up with some cash, but now is the time.

There aren’t too many opportunities to basically get something for nothing – but this might be one of those times. The Section 179 Tax Credit program is the way to be able to write 100% of the cost of new equipment off of your 2020 taxes.

Here’s the story…

You can purchase equipment or software and it needs to be put into service before December 31, 2020 -- that's why you need to act now.
This deduction allows you to write off up to 100% of your purchase of equipment or software on your 2020 taxes.

The 2020 deduction limit is $1,040,000. That means there's plenty of room for remodels, upgrades, you name it.

It's good for new and used equipment as well as SaaS and subscription software. So, whatever you need to buy in order to maintain or upgrade your operation – it’s covered.

Consult your tax expert or call us today…

It can be tough to pull extra cash out of an operation for an investment like this; but the benefits are really awesome. You can get brand new (or better-used) equipment put to work and 100% of the expense taken off your 2020 taxes.

It’s definitely worth a conversation with your tax advisor, and maybe even a call to your local bank about a short-term loan to finance the investment.

Elections have consequences…

Another reason for consideration now is that with today’s political climate, there is no telling what can happen to tax codes if/as changes in the line-up of elected officials occur. This is NOT a political statement – just business reality.

That’s another reason now is a great time to act – if it’s possible to do so. There’s never any assurance about what tax code changes might be initiated in the near future.

2020 has been a tough year for many businesses, and most of us are looking forward to it being over. But it is nice to know that a car wash operator with a little extra cash can take advantage of a helpful financial instrument and improve their operation without tax liability – in fact, with a tax credit.

I hope you will contact anyone at the WashCard team with questions.

Dan Yarusso