Section 179 for 2023 | Infographic

Section 179 of the IRC allows businesses to take an immediate deduction for business expenses related to depreciable assets such as equipment, vehicles, and software. This allows businesses to lower their current-year tax liability rather than capitalizing an asset and depreciating it over time in future tax years.

About Form 4562, Depreciation and Amortization:

• https://www.irs.gov/forms-pubs/about-form-4562