Section 179 allows businesses to deduct the full purchase price of qualifying equipment during the tax year, rather than depreciating it over several years. The immediate deduction can apply to new, used and financed equipment. Section 179 assists businesses in reducing taxable income and improving cash flow, encouraging reinvestment and growth.
What qualifies for the Section 179 deduction?
New, used and financed equipment that is placed into service before December 31, 2024.
What is the maximum deduction I can take under Section 179?
$1,220,000.
Is there a limit on the total amount of equipment I can purchase to qualify for the Section 179 deduction?
Yes, the investment cap phases out on a dollar-for-dollar basis when your total equipment purchases exceeds $3,050,000.
Contact Us Today to Learn More About Section 179
Contact us today to take advantage of Section 179!
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*This information on Section 179 is provided from a customer perspective by Butler Machinery and should not be considered tax advice. For detailed guidance on how Section 179 applies to your specific tax situation, please consult with a qualified tax advisor.
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