Are you interested in learning how the Section 179 Deduction applies to printing equipment?
At Graphic Technology Group, this is a common question we receive around the end of the year.
In this article, we'll take a look at how the Section 179 Deduction can be applied to printing equipment.
What Is Section 179?
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year.
If you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income.
This tax deduction is an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.
Purchases That Qualify for Section 179
Section 179 helps companies because it's aimed at general business equipment, as well as off-the-shelf software. In other words, if you use it in your business, it probably qualifies.
Here is a list of equipment that qualifies for the Section 179 Deduction.
Please note – the above equipment qualifies whether new or used (but must be new to you), and regardless of whether it was purchased outright, leased, or financed.
What's The Section 179 Deduction Limit for 2022?
The Section 179 Deduction comes with a limit to how much you can write-off each year.
In 2022, the deduction limit for Section 179 is $1,080,000 worth of qualifying equipment.
Your equipment must be financed or purchased and put into service between January 1, 2022 and the end of the day on December 31, 2022.
Does Section 179 Apply to Printing Equipment?
Yes! You can deduct printing equipment used for business use from your gross income.
This dramatically reduces equipment costs due to the money your company will save on taxes.
Keep in mind, your equipment must be purchased and put into service by midnight on December 31st.
Schedule a Live Demonstration
Taking advantage of the Section 179 Deduction will help you invest in your business and save money.
This tax deduction can change from year-to-year, so it's a good idea to use it while you can.
At Graphic Technology Group, we'd be happy to answer all of your questions and schedule a live demonstration.
Here are some additional online resources you may like to check out:
Please contact us at 678-429-3282 or visit our showroom in Kennesaw, GA for more information.