Deadline Looms for Section 179, Bonus Depreciation for 2023 Equipment Buys

By Don McLoud – Equipment World The year is almost over, but it’s not too late to take advantage of hefty tax breaks for buying or leasing construction equipment before December 31. Though one benefit is significantly smaller than in 2022 and is on the way to extinction, another has risen to its highest level ever. Here’s a look at the Section 179 tax deduction and bonus depreciation on equipment purchases for 2023: Section 179 Still 100% The Section 179 tax deduction remains in place and has been made a permanent part of the tax code since it was raised to 100% in 2017. That means the entire cost of any new or used construction equipment you purchase or lease between now and the end of the year can be deducted on your business’ 2023 gross income. The Section 179 deduction is also the highest in its history, after getting an $80,000 boost from last year. (Of course, thanks to inflation, prices you’re likely to pay are also higher from 2022.) READ FULL ARTICLE >>