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Section 179 Tax Deduction2022-11-23T11:25:32-05:00

Section 179 Tax Deduction: Write Off Cleaning Equipment Purchases

The section 179 tax deduction is an immediate expense deduction that business owners can take for business equipment purchases instead of capitalizing and depreciating the asset over time. Qualifying purchases include those related to depreciable assets such as equipment, vehicles, and software. All cleaning and disinfecting equipment would be applicable to Section 179 tax relief.

The deduction can be taken for the full price regardless of if the piece of equipment is purchased or financed. The maximum deduction is $1,080,000 and property purchased to $2,700,000 for the year 2022.

Leasing and Equipment Financing

Non-tax capital leases and equipment finance agreements qualify for Section 179 depreciation. With a lease or equipment finance contract, businesses can acquire and write-off up to $1,080,000 worth of qualifying equipment during the 2022 tax year.

Qualifications

  • Equipment purchases must be put to use by December 31, 2023.
  • Businesses may purchase new or used equipment, and/or retail software, to qualify under Section 179.

 

Calculate Your Savings

Example Cleaning Equipment that Qualify for Section 179

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