• Are a business that purchased or financed qualifying new or used business equipment, including certain business-use vehicles, during the 2020 tax year.
• Put the equipment into service between January 1, 2020, and December 31, 2020.
• Used this equipment for business purposes more than 50% of the time.
• Spent less than $3,500,000 on this equipment.

• You cannot write off more than $1,000,000.
• The total amount of equipment purchase cannot be more than $2,500,000. It phases out dollar-for-dollar after that, so once $3,500,000 is spent, the deduction goes away entirely.
  

*Individual tax situations may vary. Federal rules and tax guidelines are subject to change. Consult your tax adviser for complete details on rules applicable to your business.