As we approach the end of the year, it's time to start thinking about the Section 179 tax relief. This allows you to deduct all or part of the cost of equipment purchased or financed and commissioned before December 31, 2022.

Typically, if your company has purchased qualifying equipment over the past few years, it depreciates gradually through depreciation. In other words, if your company spends $50,000 on a machine, it must depreciate (let's say) $10,000 per year over 5 years (these numbers are just to give you an example).

While this is better than no depreciation, most business owners would prefer to write off the full purchase price of their equipment for the year they purchased it. That's exactly what Section 179 does - it allows your business to write off the full purchase price of eligible equipment for the current tax year.

Hurry before it's too late for this year’s Section 179 tax deduction. Make your purchases and use your equipment before Dec 31 to maximize your tax savings.

Visit https://www.section179.org/ for more information on #Section179 tax savings.

*This information should not be considered tax or legal advice. Contact the IRS or your tax advisor for additional details.