Take advantage of IRS Section 179 deductions

Let us help you take full advantage of IRS Section 179, a special tax deduction that allows you to quickly write-off all or part of the cost of new or used equipment in the same year you purchase it.

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Section 179 Deduction for 2024
Bonus 100% for Depreciation for 2024
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Total First Year Deduction

IRS Section 179 Tax Deduction qualifications

  • Section 179 allows for 100% write-off of certain assets up 1,080,000 million. The deduction is intended for small businesses, so the deduction begins to phase out dollar for dollar once the total equipment placed in service by the taxpayer is 2,700,000 and completely phased at 3,780,000 in current year equipment purchases. Section 179 is elected asset by asset.
  • Most new and used equipment, as well as some software, qualify for the Section 179 Deduction.
  • When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation.
  • The Tax Cuts and Jobs Act allows businesses to fully deduct the cost of equipment purchased under S168 bonus depreciation for the year 2022. After 2022, this is reduced by 20% per year until phased out, so act now before year end to get the most deduction.

* Amur Equipment Finance is not an accounting firm. Please make sure to consult your personal tax advisor on any tax information. Credit & equipment restrictions apply. This program estimates a tax rate. Your actual tax rate and savings may vary. Tax benefits may vary by type and class of property purchased, use of property, the time when the property was acquired, and individual taxing situations. Your individual tax situation may affect your ability to utilize the elections. Please consult your tax adviser or accountant for additional information. Equipment must be purchased and placed in service by 12/31/23.

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