What is Section 179?
Section 179 of the IRS tax code was put in place by the U.S. government to encourage capital spending and investment. It allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased/financed during the current tax year. The deduction for this tax year, 2022, has gone up from $1,050,000 (in 2021) to $1,080,000.
What to know regarding Section 179?
Purchases of business equipment, office furniture, computers, software and technology as well as many other business assets qualify for Section 179. To elect the Section 179 tax deduction, qualifying assets must be purchased and put into service during the tax year for which you are electing the deduction.
Take advantage of Section 179 by Financing with MAZO Capital Solutions!
Financed equipment qualifies for Section 179 which means you can preserve cash flow by financing your new equipment and still deduct the full purchase price of the equipment from your taxable income! Contact your MAZO representative today!
Section 179 Calculator
Use the link to our calculator below to check your potential savings with our Section 179 tax deduction calculator!
To learn more about Section 179 refer to the IRS website here - https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act. It is important to consult with your accountant about what is best for your business.
To learn more about MAZO, MAZO’s finance solutions, or to apply visit our website at https://mazocapital.com/ or feel free to reach out to email@example.com or (888) 702-9292. Be sure to follow MAZO on all social media channels to always stay in the loop with MAZO news!
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