The maximum Section 179 deduction has increased for 2023. In addition to Section 179, there is still time to take advantage of bonus depreciation on large purchases that you can deduct from your business taxes. For 2023, the bonus deduction decreased from 100% to 80% on January 1 – and it will decrease even more next year.

 

The 80% benefit applies to equipment you purchase and use during 2023, so buying a piece of equipment this year will allow you to deduct more from your taxes than waiting until next year.

 

My team has created a Section 179 eBook to help you see your potential tax savings. Check it out and let me know if you have questions or are ready to get the equipment you need.

Please reach out to let me know if I can help with any equipment needs.

Thank you

Jessica Evans | Senior Vice President | Commercial Division

North Florida | First Citizens Bank

FCB Mail Code: FCB+716 | 13860 Old Saint Augustine Road | Jacksonville, Florida 32258

 

904.394.2281   phone

904.377.4955   cell

984.867.3428 fax