This year’s Section 179 deduction is $1,160,000. The deduction includes both new and used qualified equipment. In addition, businesses can take advantage of 100% bonus depreciation on both new and used equipment for 2023.
Remember to keep supply chain issues and delivery times in mind when making your Section 179 purchases for 2023.
The deduction applies to both leased and purchased equipment and software. When you buy, you can deduct the total amount from your taxes. When you lease, you pay the monthly lease payments, but you still get to deduct the total purchase price from your taxes.
Whether you choose to purchase or lease, you’ll need to put the equipment/software into service by the end of the day on December 31, 2023.
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