It’s Time to Capitalize
All-Things Section 179
This year 2022 is the highest deduction ever for Section 179. Yes, you heard that right. Because of that, there is no better year to take advantage of this deduction and maximize your year-end savings. But what is Section 179? Let’s discuss.
What is Section 179?
Section 179 of the U.S. tax code allows businesses to deduct the entire purchase of new qualifying equipment during the tax year, allowing businesses to deduct the full cost of capital assets right away rather than depreciating them over their useful life. This incentive is created by the U.S. government to encourage businesses to invest in themselves. What’s better than that?
How Can I take Advantage?
If you are considering purchasing a new aesthetic device before the end of the year, section 179 can save your business money! If you buy, install, and begin to use a piece of equipment before midnight on December 31st you can deduct the full purchase price from your gross income.
How Much Will I Save?
The Section 179 deduction limit for 2022 has been raised to $1,080,000 – A $30,000 increase from last year. There are many useful tools online that allow you to calculate your 2022 Section 179 savings! Try this tool to get started.