Save money with Section 179
Today we’re reviewing tax codes – wait don’t go! While some tax topics can be complicated, there’s one that is pretty straight-forward, and it can generate BIG savings for your business. It is especially important this year because they are allowing larger write offs for the equipment you purchase to keep your business running smoothly.
The tax code in question? It’s Section 179*. The beauty of this deduction is that it allows your business to write off the whole purchase price on qualifying equipment in the current tax year. In the simplest terms, you could write off up to $1,080,000 on your 2022 tax return. It helps to lower your taxable income, meaning that you can keep more of what you earned in 2022 rather than paying it in taxes. Still not convinced? Keep reading and bring up Section 179 to your tax preparer.