It's never to early to start looking at your taxes to see where you can save your business money! The Section 179 tax deduction limit is set at $1,160,000 for all of 2023. Businesses like yours will be able to deduct the full cost of business essential equipment purchased/financed in 2023 up to $1,160,000*. This includes both new and used equipment purchased and placed in service. Section 179 can provide you with a tax relief for the 2023 tax year, but your equipment must be purchased/financed and in place by midnight of December 31st, 2023.
Bonus depreciation is set at 80% for equipment acquired and placed in service in 2023.