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.