Overview: Section 179 tax deduction for 2023.

If you own a small business, the Section 179 deduction is one of the most essential tax codes you need to be familiar with. It lets you deduct all or part of the cost of equipment purchased or financed and put into place before December 31, 2023.
 

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How do I get the deduction?

Section 179 is a tax deduction for businesses that have placed new or used equipment into service within the year purchased or financed. This deduction is not automatic and must be elected. To elect to take the deduction, you’ll need to fill out Part 1 of IRS form 4562.
 

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