Unlock Savings with Section 179
Looking to upgrade? There's no better time than now to utilize the Section 179 tax deduction. This provision allows you to deduct the full cost of qualifying equipment and software purchases in the year they're placed in service, rather than spreading the deduction over several years.
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Maximize with Section 179
Section179 allows your business to write off the entire purchase price of qualifying equipment for the current tax year.
- The deduction limit for Section 179 is now $1,080,000
- The 2023 Section 179 Deduction threshold for the total amount of equipment that can be purchased is now $2,700,000
- Most new and used equipment, as well as some software, qualify for the Section 179 Deduction
- 100% bonus depreciation for 2023 new and used equipment allowed. Leases on equipment must be $1 Out, FMV option does not qualify
- When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation
Immediate 100% expensing through accelerated, full depreciation in the first year of use, on any capital value of equipment acquired for your business.
This has made a big difference for many companies and the economy in general. Businesses have used Section 179 to purchase needed equipment right now, instead of waiting. For most small businesses, the entire cost of qualifying equipment can be written off on the 2023 tax return (up to $1,160,000).
What Qualifies?
- tangible personal property
- office equipment
- computers
- off-shelf computer software
- production-related equipment
What Doesn’t Qualify?
- air conditioning units
- billboards, signage
- docks, fences
- investment property, buildings, and land
Credit and equipment restrictions apply. This program does not assume your company will qualify to take advantage of the IRS Section 179 depreciation schedule which allows rapid first year depreciation of certain assets acquired. The amount of previous depreciation your company may have used may affect your ability to utilize the elections. Please consult your tax advisor or accountant for additional information. Equipment must be purchased and placed in service by 1/1/2024.
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Ultimately, the decision depends on the specific applications and requirements of your organization. Careful consideration of costs, resources, and long-term objectives should be evaluated before making this strategic decision.
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