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SECTION 179 TAX DEDUCTION
2023 DEDUCTION LIMIT AND SPENDING CAP
THIS YEAR'S SECTION 179 DEDUCTION IS UP TO $1,160,000.
Now through December 31, 2023, eligible business owners can write off up to $1,160,000 using the Section 179 deduction for any new or used trucks or trailers purchased, financed or leased and put into service in 2023. A $2,890,000 maximum can be spent on eligible equipment before the available tax deduction is reduced. Also, a 80% bonus depreciation is available for new and used equipment, after the spending cap has been reached. The bonus depreciation is retroactive to September 27, 2017, and good through 2023.
Find Out More
We made it easy to understand immediate expense deduction that allows businesses and owner-operators to write off the entire value of qualifying business purchases to decrease their taxable income for the tax year in which the item was acquired and put into service. We covered everything you need to know, right here....
