Maximize Your Business Tax Savings with the Section 179 Deduction

Heads up: Under Sec. 179, your business may be able to currently deduct eligible property you’ve placed into service in 2023. This generally includes new and used machinery, equipment, off-the-shelf software, roofs, improvements to building interiors and HVAC, as well as fire, security and alarm systems.

For 2023, you can expense a maximum of $1,160,000. That full amount may be claimed until property placed into service exceeds $2,890,000, at which point a dollar-for-dollar phase-out begins. You may also be able to take first-year bonus depreciation of 80% of the adjusted basis of new depreciated property placed into service in 2023.

Contact us for business tax advice.