SECTION 179 AT A GLANCE
2023 Deduction Limit = $1,160,000
This deduction is good on new and used equipment, as well as off-the-shelf software. This limit is only good for 2023, and the equipment must be financed/purchased and put into service by the end of the day,
December 31, 2023.
2023 Spending Cap on equipment purchases = $4,050,000
This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar for dollar basis. This spending cap makes Section 179 a true "small business
Bonus Depreciation: 80% for 2023
Bonus Depreciation is generally taken after the Section 179 Spending Cap is reached. Note: Bonus Depreciation is available for new equipment only.
CALCULATE YOUR TAX DEDUCTION
If you have any questions regarding the Section 179 tax deduction or would like more information, please contact us at email@example.com / firstname.lastname@example.org