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...
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After months of research, a nationwide survey revealed that 82% of small business owners plan to use Section 179 of the Internal Revenue Code to deduct the cost of qualifying equipment in 2022. Section 179 provides welcome tax relief for eligible businesses that invest in business equipment. It is...
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The 2022 Section 179 deduction limit for businesses is $1,080,000 (a $30,000 increase from 2021). Your business can deduct the full price of qualified equipment with a “total equipment purchase” limit of $2.7 million. If you purchase equipment over $1,080,000 (and put it into service by December 31st this...
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Over the years many companies have saved on their taxes by taking advantage of Section 179 and Section 168(k) of the IRS Tax Code. Herein we’ve provided some information about the opportunity for tax savings, the changes, and things to consider in order to take advantage of the tax...
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