Equipment Finance Insights

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Section 179 Explained

September 17th, 2021

2022 Updates: $1,080,000 deduction limit and $2,700,000 equipment purchase limits

Section 179 is a valuable tax benefit and one every business should know about.

Section 179 lets businesses accept an immediate tax break on the equipment purchase by letting them report equipment purchases on federal taxes as an expense. So instead of another year of “getting by” with aging and outdated equipment, Section 179 may assist you with your decision to acquire the new equipment needed to stay competitive or even go forward with an expansion.

One notable change is that used equipment is now an eligible expense under Section 179. In the past, this was available only for new purchases. This gives entrepreneurs even more options to maximize their purchasing power and select the equipment that’s best for their operation.

Contact us with any questions you have about Section 179 and how it can work with equipment financing and leasing, and be sure to read our blog post or watch the video on this page to learn more about this valuable benefit.

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