Equipment Financed in 2023 May Qualify for a Tax Deduction with Section 179!

If you purchase equipment and put it to use in 2023, you may qualify to deduct the full purchase price from your 2023 taxes. Section 179 makes it easy for small business owners to deduct the full price of their equipment purchase in the tax year that they receive the equipment. Any equipment, including used, that is purchased or financed may qualify. Please consult your tax professional for specifics on Section 179.

To learn more, please visit: What is the Section 179 Tax Deduction?

  • 2023 Deduction Limit = $1,160,000This deduction is good on new and used equipment. To take the deduction for tax year 2023, the equipment must be financed or purchased and put into service between January 1, 2023, and the end of the day on December 31, 2023.
  • 2023 Spending Cap on equipment purchases = $4,0500,000 This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar-for-dollar basis. This spending cap makes Section 179 a true “small business tax incentive” (because larger businesses that spend more than $3,780,000 on equipment won’t get the deduction.)
  • Bonus Depreciation: 80% for 2023Bonus Depreciation is generally taken after the Section 179 Spending Cap is reached. The Bonus Depreciation is available for both new and used equipment.

Apply today and get your credit decision within one business day for between $5,000-$200,000 to take advantage of this deduction before the end of the year!

Advantage+ Financing understands the unique needs of small businesses because we are a small business. Founded in 1992, our employees are dedicated to helping you succeed. If you have an equipment finance need, we are here to help. Contact us today.