Material handling equipment is indispensable to most businesses, and replacing such equipment can be costly. However, the Section 179 tax incentive offers a solution by allowing you to deduct up to $1.16 million in capital purchases for 2023!
This is the largest deduction ever offered to businesses and is an $80,000 increase from 2022’s limit of $1,080,000! So, take advantage of this offer by upgrading your older equipment, from forklifts, pallet jacks, and sweepers/scrubbers, to telehandlers, scissor lifts, and skid steers. Cost is a significant factor in this decision – so why not leverage the tax benefits of Section 179 and keep more of your hard-earned money?
The IRS has made significant revisions to Section 179 of the American Tax Code, which are now in effect. These revisions allow businesses to deduct the cost of qualifying new or used equipment, up to $1.16 million, to lower their current-year tax liability. Material handling equipment that is purchased, leased, or financed and placed into service by December 31st, 2023, qualifies for a deduction for the 2023 tax year. Please note, that equipment must be used for business purposes for more than 50% of the time to qualify.
These revisions originated from The Tax Cuts and Jobs Act (TCJA) of 2017 and offer substantial benefits by alleviating financial burdens associated with purchasing equipment to grow your business. The Section 179 tax incentive is a remarkable opportunity for substantial savings on equipment purchases. If you've contemplated investing in new material handling equipment, seize this chance to make the most of it. We're here to ensure your business fully benefits from the Section 179 tax incentive!