Section 179 of the IRS tax code allows businesses to deduct the purchase price of qualifying equipment purchased or financed during the tax year.
This means if you buy or finance qualifying equipment, you can deduct the FULL PURCHASE PRICE (up to $1.08 million total in 2022) from your gross income for the year.*
This deduction is an incentive for small-to-medium businesses, so there’s a cap on how much you can spend on qualifying equipment each year before your max deduction is reduced dollar-for-dollar.
Equipment purchasing and ownership is easier at EquipmentShare. Get equipment from the OEMs you trust, backed by EquipmentShare technology, data-informed Service departments.
• Lifelong equipment service at any EquipmentShare branch nationwide
• Financing options for your preferred OEMs
Talk with a knowledgeable rep, purchase the right machine for your fleet and keep it running in top condition with EquipmentShare technology-powered service at your local EquipmentShare branch.
As the IRS continues to release updates to tax law, it is critical for companies to work with a skilled tax professional to ensure they’re making the best decisions for their financial situation.
The information provided here should not be considered as accounting, tax or financial advice. Visit the IRS website for more information.