At Moley, we understand the importance of making informed decisions that benefit your business. With the year-end approaching, we want to inform you of US Tax Code Section 179, a U.S. tax law designed to encourage businesses buy equipment and invest in themselves. Section 179 allows businesses to deduct 80% of the purchase price of qualifying equipment purchased or financed during the tax year, reducing overall income tax liability.
For the 2023 tax year, the deduction limit is $1,160,000. Additional detailed information can be found at the IRS website or by contacting your accountant or financial advisor.
If you decide that Section 179 can benefit you, it’s best to act now, as it is our understanding the equipment must be purchased, delivered and put into service by December 31, 2023. The clock is ticking on taking advantage of this US Tax Law for 2023; reach out to Moley to buy the equipment you need today! We have a strong backing of inventoried products, so click on the links below to our product pages for more information on 230 volt scrap magnets, battery magnets (no magnet, generator needed) hydraulic magnets, orange peel grapples, scrap shears, magnet generators and concrete pulverizers!
Please note that this post does not constitute any tax advice, and you are encouraged to consult with your accountant or tax advisor regarding Section 179.