Deduct 100% of your equipment purchase in 2024
With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 is now $1,220,000 for 2023.
The limit on equipment purchases likewise has increased to $2.5 million. Section 179 is one of the best incentives included in recent Stimulus Bills that actually benefits small businesses.
How Does Section 179 Work?
After a business leases or purchases equipment and/or software, they are able to deduct the entire amount up to $1,220,000 per each single purchase and a combined lease or purchase of up to $2,500,000 on new to the company (which can include used equipment) each tax year. The equipment must be acquired and put in place within the tax year of January 1st through December 31st.
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LNA Laser’s products qualify for a 100% tax deduction if purchased this year.
