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SECTION 179                                           | 2023 TAX INCENTIVES

industry worker
Industrial Drill

What is IRS Section 179?

IRS Section 179 allows a business to write off 100% of the equipment they purchase or finance. This tax benefit allows 100% of the equipment cost to be depreciated in 2023 and includes either new or used equipment. 

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Quick Facts

  • Lower your tax payment and free up cash for other business needs

  • Make sure equipment is in use by 12/31/23

  • Includes equipment, vehicles and software

SECTION 179 CALCULATOR

                                           

(click here)

DEDUCTIONS

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If you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE (up to $1,160,000) from your gross income. It’s an incentive created to encourage businesses to buy equipment and invest in their business.  

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Use the calculator to check your savings https://www.section179.org/section_179_calculator/

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Does IRS Section 179 apply to my business?

A sole proprietor, partnership or corporation can fully expense a qualified tangible asset the year it is put into use if the qualifying asset is used for business purposes more than 50% of the time. For a 2023 deduction, your equipment must be delivered and put into use by 12/31/23.

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Can I finance the equipment and still take a deduction?

Capital leases and equipment finance agreements qualify for the IRS Section 179 deduction. You can make minimal payments in 2023 for your new or used equipment and write off up to $1,160,000 of the purchase price.

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How much can I deduct for the 2023 tax year?

Your business can deduct up to $1,080,000 of qualified equipment acquired and put into use during 2023. A bonus depreciation of 100% may apply for the $2,890,000 spending cap.

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