Are you taking advantage of Section 179? Businesses can deduct the total purchase price of qualifying equipment during the tax year under this part of the IRS tax code. The U.S. government created the Section 179 deduction to encourage companies to invest in themselves.
You can deduct the total purchase price from your gross income if you purchase a piece of equipment. Equipment must be purchased or financed and put into service by December 31, 2022, To qualify for the Section179 deduction.
Several tools and educational materials are available on the Section179 website to help determine what qualifies.
There is even a Section179 calculator to help you figure out your potential deduction for the 2022 tax year. Follow the prompts and enter your equipment cost, from software to bulk haul trailers, to determine your deduction and lowered equipment cost after tax savings.
Additionally, bonus depreciation allows 100% depreciation on new and used equipment, including custom manufactured equipment by Ledwell.
Don’t wait! By purchasing or financing equipment in 2022, you can claim a deduction for these items under the existing bonus depreciation rules.