Saving With the Section 179 Tax Deduction

What is Section 179?

Section 179 is part of the IRS tax code. It can help you take advantage of equipment purchases through tax deductions.

2023 Section 179 Benefit
No Section 179 Benefit
Section 179 Write-Off Amount
$10,000
N/A
80% Bonus First Year Depreciation
$0
N/A
Regular First Year Depreciation
$0
$2,100
Total First Year Deduction
$10,000
$2,100
Tax Savings on your Equipment Purchase
$2,100
$441
Net Equipment Price After Tax Savings
$7,900
$9,559
Additional Savings
$1,659

How can my business save with Section 179?

If your business spends less than $2,890,000 on qualified equipment, you could profit by combining the Section 179 tax deduction and financing your business needs.

By combining Section 179 and equipment financing, your business could deduct the entire amount of your equipment purchase while paying a fraction of the cost upfront. Your tax savings can exceed the monthly payments on your equipment during the taxable year.

Request potential savings for your business.

How do I know if my equipment is eligible?

According to the IRS, any equipment purchased and actively used for your business may be eligible for Section 179 savings. This includes machinery, computers, software, or any other tangible goods.

What are the limitations?

Businesses that spend less than $2,890,000 a year on qualified equipment can write off up to $1,160,000.

How do I start?

First, contact your tax advisor to see how Section 179 could impact your business. For the most up-to-date information on Section 179, visit www.irs.gov. Then, contact Western Equipment Finance to finance your equipment purchase. We’ll be able to work with you on financing to profit with Section 179.

Contact your tax advisor for the specific impact to your business or visit www.irs.gov.

Curious what your savings could be? Contact Us to see how your business could save.