Section 179 Tax Deduction FAQs 2022
Updated: Nov 1, 2022
Section 179 is tax deduction for businesses looking to make new equipment purchases this year. Taking the Section 179 Deduction on financed equipment might be the most profitable business decision you make this year.
Here is a list of Frequently Asked Questions about Section 179.
What is Section 179?
It is a US tax deduction aimed to help small and midsize business owners immediately expense and write-off certain items, such camera inspection equipment the year it’s put into service.
Should I take advantage of this deduction?
Yes you should look into Section 179 because it is a really great opportunity for business owners as it removes the wait for reimbursement and provides a significant tax refund in the current year vs. paying amortized payments.
How Much Could I Save?
The Section 179 deduction for 2022 is $1,070,000 (up from $1,050,000 in 2021). This means U.S. companies can deduct the full price of qualified equipment purchases, up to $1,070,000, with a “total equipment purchase” limit of $2.7 million. The deduction includes both new and used qualified equipment.
Where can I learn more?
You can learn more and calculate possible deductions by visiting Section 179 Deduction Calculator for 2022.
This tax incentive is easy to use and gives businesses a chance to invest in themselves by adding capital equipment that they use to improve their operations and further increase revenue.
Section 179 Tax Deductions for Plumbing Company
If you are looking to take advance of the tax deduction for your plumbing company, consider adding a new inspection camera. Hathorn manufactures push camera systems that are Municipal Grade, proudly designed and manufactured in North America, priced within reach of every plumber and municipality. Please consult your financial advisor for advice pertaining to your particular business acquisitions.