The Section 179 deduction has grown for 2023 ($1,160,000– an $80k increase from last year). When combined with Crest Capital’s Section 179 Qualified Financing, it can allow companies to keep more of their money instead of paying it out to the IRS. That’s great news!
Read this Free Reporton the Benefits of Financing + Section 179 ->
Section 179 allows companies to write off the entire purchase price of qualifying new and used equipment purchased during the year, and can make a massive difference to the bottom line. In plain terms, you keep more of your hard-earned money.Use Crest Capital’s free Section 179 calculator to see how much money your company can keep. It’s simple to use and fully updated with 2023’s Section 179 limits.
The calculator presents a potential tax scenario based on typical assumptions that may not apply to your business. This page and calculator are not tax advice. The indicated tax treatment applies only to transactions deemed to reflect a purchase of the equipment or a capitalized lease purchase transaction. Please consult your tax advisor to determine the tax ramifications of acquiring equipment or software for your business.
For 2023, Section 179 has grown by $80k to $1,160,000. This is largest deduction ever offered to businesses, and should not be missed. Any US company can deduct the full purchase price of all new and used qualifying equipment from their 2023 taxes, up to the limit. This can make an incredible difference in taxes paid, allowing companies to keep more of the dollars they earned.
To qualify for Section 179 in2023, the eligible equipment must be acquired and put into service (installed/turned on/etc.)by 12/31/2023. Use Form 4562 to claim your deduction.
Section 179 got an $80k raise this year, making 2023’s Section 179 Limit $1,160,000.This means your company is allowed to deduct the full purchase price of ALL qualifying equipment purchased during 2023, up to the limit of $1,160,000. The “total cost of equipment purchased” has also risen to $2,890,000. After that number is reached, the deduction decreases on a dollar for dollar basis.
Section 179 was originally put into place to encourage small and mid-sized businessesto self-invest by buying equipment. The limits have risen annually, and can make a true difference to small and mid-sized companies by dramatically reducing their tax bill.
The total capital purchase limits are put into place to ensure that smaller businesses are the main ones that benefit. Most small and mid-sized companies will not reach the spending limits, ensuring they get a full benefit from the tax deduction.
There is a deadline for qualifying for Section 179 in 2023. The equipment must be purchased and put into service (that means installed, operated, plugged in, etc.) by midnight 12/31/2023.
2023 Tip: Supply chain issues are still with us. Get your equipment ordered, financed, and scheduled for delivery as early as possible to avoid delays and possibly missing the deadline.
Section 179 has been made a permanent part of the IRS tax code. The deduction has also risen annually the past few years, with 2023’s increase being the largest in recent memory. It’s a GREAT time to take advantage of Section 179.
The equipment listed above need not be new – it can be used (but new to you). Almost any "portable" (non-permanently installed) piece of business equipment will likely qualify. If you have any questions on whether something you wish to lease or finance will qualify for Section 179, you can always ask us, or reference IRS Publication 946.
Tax Code Section 179 limits have been modified by various Stimulus Acts over recent years. For further detail, contact your tax adviser or visit www.irs.gov and reference this Form 4562.
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