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According to the IRS under the 2018 tax reform, and subject to limitations, businesses are able to deduct the full purchase price for qualifying equipment – yes, that could include the equipment you purchased in 2024!
If you bought a piece of equipment in 2024, be sure to check with your CPA or tax preparer about deducting that full amount, as well as eligibility for a 60% bonus depreciation on both new and used equipment for the entirety of 2024. According to Section179.org, this includes qualifying equipment that was purchased in-full, as well as financed.
Buy Early. If you want to take advantage of the Section 179 benefits and deductions, it’s important to note that equipment must be acquired and put into service by December 31, 2024. We know it’s common practice to purchase equipment in the fourth quarter of the year, but don’t delay because equipment that is simply newly purchased but not delivered or used may not qualify until the year it is put into service.
How Does Section 179 Work?
Section 179 serves as a tax benefit enabling businesses to deduct the complete purchase amount of eligible equipment bought or financed within the tax year. This initiative, established by the U.S. government, aims to stimulate businesses to invest in capital equipment, enhance their operations, and boost revenue.
2024 Numbers at a Glance
Deduction Limit
This year’s deduction limit is $1,220,000 – a $60,000 increase from last year. This means U.S. companies can deduct the full purchase price of ALL qualified equipment purchases, up to the limit of $1,220,000.
2024 Spending Cap on Equipment
The “total equipment purchase” limit has been raised to $3,050,000 (up from $2.89 million in 2023), meaning more equipment can be purchased and put to work before the $1,220,000 deduction limit is affected. The deduction can include both new and used qualified equipment. Be sure to discuss these limits with your tax preparer to see how your business qualifies.
For more information visit SECTION179.ORG
*The Section 179 deduction has exceptions. Not all equipment purchases qualify. To take the deduction for current tax year, the equipment must be paid for in full, physically delivered, and put into service between January 1 and the end of the day on December 31 of this year to meet federal guidelines.
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