Section 179 Tax Benefits

Section 179 is a tax incentive created by the U.S. Government to encourage businesses to purchase equipment. It gives businesses the opportunity to deduct the FULL purchase price of qualifying new/used equipment and software bought and used during the tax year they were purchased or financed. The tax incentive encourages small businesses to invest in themselves and purchase equipment now. The deduction is up to $1,220,000 for 2024, which means businesses can deduct the full cost of equipment from their 2024 taxes. Most small and medium businesses will benefit by taking the deduction, but in order to qualify, the equipment must be purchased and put into service by 11:59pm, 12/31/2024.