11 October 2023 | Product and Promotions Guide
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© 2023 Covetrus, Inc. All rights reserved. No copying without consent. LIT NUMBER 23SOL242-080323
Contact Covetrus for more information: call 801.688.6467 or email shon.bjerregaard@covetrus.com
The Section 179 deduction is good on new and
used equipment, as well as off-the-shelf software.
To take the deduction for tax year 2023, the
equipment must be financed or purchased and
put into service between January 1, 2023 and the
end of the day on December 31, 2023.
$1,160,000 is the maximum amount that can
be spent on equipment before the Section 179
Deduction begins to be reduced on a dollar for
dollar basis.
80% Bonus Depreciation is taken after
the Section 179 Spending Cap is reached.
The Bonus Depreciation is available for
both new and used equipment.
2023 Equipment
Purchases Total
$125,000
Section 179
Deduction
$125,000
Cash Savings on
Your Purchase
$30,000
New Cost of
Equipment After
Tax Savings
$95,000
*Example assumes a 24% tax bracket
Example
Calculation:
Please speak to a qualified tax professional
if you are seeking advice about your
specific business or tax circumstances.
Covetrus
®
does not provide professional
accounting services.
Source: section179.org
Don't miss out
on potential tax
benefits in 2023!
Take advantage of the Section 179 Tax Deduction
to decrease your tax payments, allowing you to
use your cash for other needs.
