Section 179 Tax Benefit Calculator

Speak with an Expert

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 $1,220,000 worth of qualifying equipment during the 2024 tax year.

Qualifications

• Equipment purchased must be put to use by December 31, 2024.
• Businesses may purchase new or used equipment, and or retail software, to qualify under Section 179.

Section 179 Deduction Basics

• Businesses are entitled to deduct up to $1,220,000 of the cost of qualifying equipment acquisitions.
• The maximum cap on equipment purchases is $3,050,000 during the 2024 tax season. Once this amount is reached, businesses can take bonus depreciation (60%) – for equipment placed into service from January 1, 2024 through December 31, 2024.
• Always check with your tax adviser for specific details related to your business.

* This information is for general illustration purposes only. Please consult your tax advisor for how Section 179 applies to your business