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Section 179 allows businesses to deduct the full cost of qualifying new and used equipment from their 2023 taxes up to $1,160,000. The ability to take deductions under Section 179 begins to phase out for total equipment purchases in excess of $2,890,000. Equipment must be purchased and placed into service by December 31, 2023.
|Section 179 Deduction||$100,000|
|Bonus Depreciation [100%]||$0|
|First Year Deduction||$100,000|
|[35% Tax Bracket]||$35,000|
|[21% Tax Bracket]||$21,000|
Cost of Equipment after Tax Savings
|[35% Tax Bracket]||$65,000|
|[21% Tax Bracket]||$79,000|
NOTE: This information should not be considered tax or legal advice. Contact the IRS or your tax advisor for additional details.