Federal Tax Incentive* Section 179 allows you to deduct the purchase price of new equipment from your taxable income on your federal taxes for equipment purchases up to $1,000,000.
For example, if you have $150,000 in taxable income, but purchased $100,000 in equipment, your taxable income would then only be $50,000. Several of our customers have tax savings of between 20% and 40% of the price of the equipment they purchased!
Please note that to be eligible for a 2023 Section 179 deduction, the eligible equipment must be purchased and put into service by midnight 12/31/2023. It is not enough to simply buy the equipment. Please keep supply chain issues and delivery times in mind when buying or using Section 179 Qualified Financing, as there are currently no plans to waive the “put into service” requirement.
*IT Supplies and our financing partners are not responsible for guaranteeing any tax-related savings. You will need to consult with your accountant to make sure you are eligible for IRS tax deductions.