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Don't miss out on the 2023 Section 179 Tax Deduction. IRS Section 179 allows deductions up to $1,080,000 for taxpayers with total capital investments of $2,700,000 or less.

This allowance applies to NEW and USED equipment purchased and put into service by December 31, 2023.

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Section 179

Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. This means that if a business buys or leases a piece of qualifying equipment, it can deduct the FULL PURCHASE PRICE from its gross income.

The Material Handling Industry is one of the industries that can benefit from Section 179. Material handling equipment such as forklifts, pallet jacks, and other warehouse equipment can qualify.

The deduction limit for Section 179 for the year 2023 is $1,160,000 and some limitations apply.

Not all equipment qualifies for the Section 179 deduction. The equipment must be used for business purposes more than 50% of the time to qualify for the deduction, and the equipment must be financed or purchased and put into service between January 1, 2023 and the end of the day on December 31, 2023.

Section 179 is a tax code that allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. The Material Handling Industry is one of the industries that can benefit from this tax code. Please consult with a tax professional for more information on how to take advantage of Section 179.

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Tags: taxes section 179

by FM Staff, published Wednesday, October 18, 2023 updated 2023-11-29 13:48:46