IRS Section 179 Tax Deduction Benefit
Wondering how you can catch a break? Here’s your chance.
What is Section 179?
Section 179 of the Internal Revenue Code allows taxpayers to deduct the full cost of depreciable business equipment purchased within the tax year. By making a 179 election, taxpayers may benefit from these business-related purchases by deducting the full cost of certain qualifying equipment, software, and vehicles on their tax return up to $1,080,000. This benefit allows taxpayers to lower their current year tax liability and keep cash in the hands of the businesses.
What are the Limits of Section 179?
For the 2022 tax year, the maximum expense deduction is $1,080,000. This is not an automatic deduction. You must elect to take the deduction by filling out Part 1 of the IRS Form 4562 Depreciation and Amortization and attaching it to your tax return.
Is Your Business Eligible?
Yes, all businesses that have purchased, financed, or leased new or used business equipment in 2022 are eligible. The equipment itself must also qualify for the deduction. Section 179 is taken on an individual, item-by-item basis so you are not required to use it on all qualifying property purchased during this tax year.
How Bluefin Capital Can Help
Bluefin offers multiple capital solutions that can help you gain quick access to funds when your business is looking to purchase section 179 qualifying equipment. With our help, you’re able to build your business in a financially responsible way as our financing team tailors this process and end result to your business’s specific needs. At Bluefin, we offer financing that aligns with your business goals. It’s time to start gaining value from your investments.
Get in touch with us to learn how we can help you take advantage of IRS Section 179
Restrictions: Bluefin Capital provides financing for registered businesses only, no personal loans. The minimum loan amount you may request is $10,000.