In the world of business, every dollar counts, and one powerful tool at your disposal for maximizing your financial benefits is Section 179. This provision allows you to significantly reduce your taxable income by deducting the full purchase price of qualifying equipment. In 2023, the Section 179 deduction limit is set at $1,160,000, with a cap on equipment purchases at $2,890,000. There is also an 80% Bonus Depreciation, which applies to both new and previously owned equipment as long as it’s “new to you.” 

The Power of Depreciation

2023 features an 80% Bonus Depreciation. This provision allows businesses to benefit from substantial depreciation on their equipment investments. The beauty of it is that you can apply this bonus to not just new equipment but also to previously owned items, as long as they are new to your business. The catch? You need to purchase and put the equipment into service by midnight on December 31, 2023. The clock is ticking, and the tax savings potential is significant. 

Harnessing the Power of Leasing with Section 179

Leasing equipment and software while keeping Section 179 in mind is a winning financial strategy. It offers multiple advantages for your business. You can deduct the full cost of the leased equipment from your taxable income without having to pay the full amount upfront. The savings in taxes could even surpass the lease payments, making Section 179 a tax deduction that genuinely improves your bottom line.

While not all lease types qualify for Section 179, a seasoned expert can help you navigate the complexities and ensure you’re making the most of this opportunity.

Software Matters Too

In the realm of software, there’s a vital distinction to keep in mind. Software subscriptions don’t qualify for Section 179. However, when you invest in software tools like Printerpoint and PaperCut, you can enjoy the benefits of tax deductions while enhancing your business operations. It’s a double win – improving your efficiency and saving on taxes.

Seize the Opportunity Today

In conclusion, Section 179 in 2023 offers an incredible opportunity for businesses to maximize their write-offs and enhance their bottom line. Whether you’re considering purchasing or leasing equipment, this tax provision can boost your cash flow and profits.

Don’t let the clock run out; the December 31, 2023 deadline is fast approaching. To learn more about how you can take full advantage of Section 179 and secure a more financially secure future for your business, call Repro Products today at 770-434-3050.