How to use the Section 179 Tax Deduction in 2023 💸

Let’s start by saying we aren’t tax people or CPAs. However, we want to share what we do know about Section 179 in hopes that it will help you have those conversations with your tax professional. 💰
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Section 179 is a tax code that allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year.
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Key Points:
 
1. Purchase Qualifying Assets: You can use Section 179 for tangible assets like machinery and equipment, both new and used.
 
2. Deduction Limit: This year’s deduction limit is $1,160,000.
 
3. Annual Spending Cap: There’s also a cap on the total amount of equipment you can buy and still qualify for the deduction; this year it’s $2,890,000.
 
4. Bonus Depreciation: In addition to Section 179, there’s something called bonus depreciation that allows you to deduct a percentage of the cost of new equipment.
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For more information on how you can access the benefits of this year’s Section 179 Deduction, read more at the link below!
https://www.newmantractor.com/news/section-179-used-new-heavy-equipment
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Видео How to use the Section 179 Tax Deduction in 2023 💸 канала Newman Tractor