Section 179 Program
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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 (by 12/31/2023). This means that if your company buys (or leases) a piece of qualifying equipment, you can deduct the full purchase price from your gross income.
Section 179 FAQ's:
What purchases qualify?
Equipment, machines, business vehicles, computers, software, etc.
When do purchases qualify?
Anytime during the year if purchased and put into service by December 31, 2023.
How much can I deduct?
Up to $1,160,000 of the full price of qualified purchases.