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. It also includes equipment that has been purchased under a lease versus paying for the equipment outright. As long as the purchase or transaction happens in 2022.
In addition, businesses can take advantage of 100% bonus depreciation on both new and used equipment for the entirety of 2022. Remember to keep supply chain issues and delivery times in mind when making your Section 179 purchases for 2022. To see what qualifies go to https://lnkd.in/eFxU_7E and or contact C Three Business Consultants if you have any questions.