Great news for 2023! We have new and used machines in inventory that are ready to be put to work.
Thanks to an increase in the Section 179 deduction limit you can now reduce your taxable income even more in 2023! Purchase new or used equipment and place it into service by 12/31/23*
- Taxpayers can deduct the full cost of equipment from their 2023 taxes up to $1,160,000, with total equipment purchased for the year threshold of $2,800,000. New and used equipment is eligible for expensing.
- Equipment must be purchased and placed into service during 2023 to qualify.
- Taxpayers can take both Section 179 and Bonus Depreciation allowances, but Section 179 must be applied first, and any amount over the $1,160,000 limit may then be taken in Bonus Depreciation.
2023 Section 179 and bonus depreciation example calculation.
Use this calculator to estimate your total savings.
|Total 2023 equipment purchases||$1,200,000|
|First year write off||$1,160,000|
|80% Bonus first year depreciation||$ 32,000|
|Total first year deduction||$1,192,000|
|Cash Savings||$ 417,200|
|Equipment cost after tax||$ 782,800|
*Consult your tax advisor for more details.