Invest in Your Growth
Your business can no longer afford to limp along or hold off until [fill in the blank] to replace your outdated, unsupported, or unreliable business technology. You’ve already considered the reasons you don’t want to make necessary technology purchases, now consider the reason you need to:
- You’ll never get anything cheaper than you will today – even if inflation decreases, prices won’t
- Availability of products is not guaranteed, especially in an emergency
- Interest rates are on the verge of increasing (if they have not already)
If that isn’t enough, factor in the additional savings and deductions provided by Section 179.
Section 179 of the Internal Revenue Code encourages small businesses to invest in their growth by providing accelerated depreciation and tax deductions on qualifying business purchases.
Jan 4, 2022 – The Section 179 deduction for 2022 is $1,080,000 (up from $1,050,000 in 2021). This means U.S. companies can deduct the full price of qualified equipment purchases, up to $1,080,000, with a “total equipment purchase” limit of $2.7 million (up from $2.62 million in 2021). The deduction includes both new and used qualified equipment.
In addition, businesses can take advantage of 100% bonus depreciation on both new and used equipment for the entirety of 2022.
Please see the fully updated 2022 Section 179 Calculator to see how the Section 179 tax deduction can benefit your company in 2022.
Business equipment included under Section 179 (including, but not limited to):
- Business phone systems
- Security/Surveillance systems
- Office furniture
For more information, visit www.section179.org and contact your Tax Advisor to see how your business may benefit from this tax deduction this year!