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Section 179 Explained
October 23rd, 2023
2023 Updates: $1,160,000 deduction limit and $2,890,000 equipment purchase limits. Once this amount is reached, businesses can take bonus depreciation (80%) for equipment placed into service from Jan. 1, 2023 – Dec. 31, 2023.
Section 179 is a valuable tax benefit and one every business should know about.
Accept an immediate tax break on an equipment purchase by reporting them on federal taxes as an expense. Instead of another year of “getting by” with aging and outdated equipment, Section 179 may assist you with your decision to acquire the new equipment needed to stay competitive or even go forward with an expansion.
One notable change is that used equipment is now an eligible expense under Section 179 as well as retail software. In the past, this was available only for new purchases. This gives entrepreneurs even more options to maximize their purchasing power and select the equipment that’s best for their operation.
Contact us with any questions you have about Section 179 and how it can work with equipment financing and leasing, and be sure watch the video on this page to learn more about this valuable benefit. Always check with your tax adviser for specific details related to your business.
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