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Calculate your potential savings with our 2023 Section 179 Deduction Calculator!

How can I find out what I may save with Section 179?

A

Check with your tax advisor or accountant.

B

Use an online 2023 Section 179 Deduction Calculator (Here)

C

Fill out IRS form 4562 to determine your savings.

D

All of the above.

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How much might you save if you spent $250,000 on qualifying assets?

A

$82,350

B

$15,000

C

$150,000

D

$52,500

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Has Section 179 changed over the years?

A

Yes

B

No

C

It depends on the situation and the purchase.

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Does the date of a purchase have an impact on the Section 179?

A

No, purchase date does not matter, only the date you put it into service.

B

Yes, eligible purchase must happen during the tax year you are electing the deduction.

C

Depends on the situation and the purchase.

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How do I elect the Section 179 Deduction?

A

You don’t have to do anything. The IRS will automatically apply the deduction for you if you qualify.

B

The company that you purchase qualifying assets from will file for the deduction on your behalf.

C

You or your tax preparer must fill out and file IRS form 4562 with your business taxes.

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Can you apply the Section 179 deduction and/or bonus depreciation to financed equipment?

A

Yes, depending on how it is financed.

B

No, the equipment must be owned outright by your company.

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Which of the below business assets qualify for Section 179?

A

Equipment that is purchased for business use.

B

Office furniture.

C

Computers.

D

All of the above.

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What is Bonus Depreciation?

A

Bonus depreciation allows businesses double their depreciation.

B

Bonus depreciation allows businesses to take deductions on equipment purchased in past years.

C

Bonus depreciation allows small businesses that spend more than the Section 179 limit to depreciate up to 80% on the remaining purchase amount.

D

Both A and B.

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What is the 2023 Annual Deduction Limit?

A

$2.89 Million

B

$1.16 Million

C

$750,000

D

$275,000

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Why was Section 179 created?

A

To encourage very large businesses to invest in growth.

B

To encourage small businesses to invest in growth.

C

To make large businesses pay more taxes on equipment they purchase.

D

To allow small businesses to make tax-free equipment purchases.

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How much do you know about Section 179?

Think you know how Section 179 may save your company big money in 2023? Test your knowledge with our quick quiz and see how much you know.

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