• The 2023 Section 179 deduction limit has increased to $1,160,000 (a $80,000 increase from 2022).
• The spending cap is now $2,890,000 (up from $2,700,00).
• The deduction maxes out after $4,050,000 (up from $3,780,000).
• Bonus Depreciation dropped to 80% (last year was 100%).
• To qualify, equipment must be financed and placed into service between January 1st and December 31st, 2023.
Calculate your potential Section 179 deduction now. You could save thousands.
Like your potential income tax savings? Apply today.
SECTION 179 TAX SAVINGS CALCULATOR
$26,250
UNDERSTAND YOUR ESTIMATE
Income Tax Deduction Calculation
Section 179 Deduction
Bonus Depreciation
1st Yr. Depreciation
Total 1st Yr. Tax Deduction
+
$
75,000
0
Tax Bracket
Potential Tax Savings
x
35%
26,250
Cost Savings Calculation
Equipment Cost
Potential Income Tax Savings
Equipment Cost After Tax Savings
-
48,750
Disclaimer
Section 179
This example presents a potential tax scenario based on typical assumptions that may not apply to your business. The indicated tax treatment applies only to transactions deemed to reflect a purchase of equipment of a capitalized lease purchase transaction. Please consult your tax advisor to determine the tax ramifications of acquiring equipment or software for your business. Beacon Funding is not a tax advisor and cannot provide tax advice specific to your business.
Calculate your potential Section 179 tax savings on your mobile phone.
Available now for iOS and Android.
*Make sure to consult with your CPA or tax advisor prior to any equipment purchase to discuss the tax savings for your business.
Section 179 is the U.S. government’s way of stimulating the economy by rewarding growing businesses for purchasing and using their equipment.
Reap your tax savings sooner than later! In the first year you finance your equipment, Section 179 allows you to write off 100% of the equipment cost rather than depreciating it over several years.
Equipment + Tax Savings = More Value to Your Business.
See how you can use your tax savings to invest in other areas of your business, like operating expenses, marketing, and hiring more people.
Section 179 isn't the only tax benefit of financing equipment! Bonus depreciation allows you to deduct 80% of the cost of eligible equipment purchases the year you acquire it.
Get answers about tax deductions for equipment financing by talking with a financing expert. Call us today at 847.897.2499 or schedule a callback at a time that’s best for you. Get answers on:
Step 1: Finance
Get equipment with Beacon Funding for a low monthly payment.
Step 2: Deduct
Consult your CPA about necessary paperwork.
Step 3: Save on Taxes
Use your tax savings to invest in your business.
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