What is it and how can you take advantage?
Essentially, Section 179 of the IRS Tax Code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means if you buy or finance a piece of qualifying equipment, you can deduct the full purchase price from your gross income. It's an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. Deduct new and used equipment and packaged software purchases.
2023 Section 179
Tax Deduction CalculatorTM
Example Calculation Using the Section 179 Calculator
Using a $70,000 equipment cost, and assuming 32% tax rate for a sample calculation shows how taking advantage of the Section 179 Deduction can significantly lower the true cost of the equipment purchased, financed, or leased. In our example, $70,000 in equipment purchased has a true cost of $47,600. That’s $22,400 saved. Would you like an extra “20 grand-plus” this year on equipment you needed anyway?
In order to qualify for the Section 179 Deduction, the equipment must be purchased, financed or leased equipment and put into service by December 31 of this year!
Financing is subject to credit approval. Assured Financial does not provide legal or tax advice. Please contact your tax advisor or visit irs.gov to confirm if you qualify for this tax benefit. The amount of cash savings is an example used for estimation purposes only. Other terms and conditions may apply.
