Blog

On the IRS Website, it states:

“This deduction is good on new and used equipment, as well as off-the-shelf software. To take the deduction for tax year 2022, the equipment must be financed or purchased and put into service between January 1, 2022 and the end of the day on December 31, 2022.”
The Section 179 deduction has proven popular with small and mid-sized companies, but there is a deadline. In order to take advantage of the deduction for tax year 2022, the equipment must be financed or purchased and put into service between January 1, 2022 and the end of the day on December 31, 2022.
Section 179's "More than 50 Percent Business-Use" Requirement
The equipment, vehicle(s), and/or software must be used for business purposes more than 50% of the time to qualify for the Section 179 Deduction. Simply multiply the cost of the equipment, vehicle(s), and/or software by the percentage of business-use to arrive at the monetary amount eligible for Section 179.

Here’s How Section 179 works:
In years past, when your business bought qualifying equipment, (restroom trailers) it typically wrote it off a little at a time through depreciation. In other words, if your company spends $50,000 on a restroom trailer, it gets to write off (say) $10,000 a year for five years (these numbers are only meant to give you an example). Now, while it is true that this is better than no write-off at all, most business owners would really prefer to write off the entire restroom trailer purchase price for the year they buy it. 
And that’s exactly what Section 179 does – it allows your business to write off the entire purchase price of qualifying equipment for the current tax year. This has made a big difference for many companies (and the economy in general.) Businesses have used Section 179 to purchase needed equipment right now, instead of waiting. For most small businesses, the entire cost of qualifying equipment can be written-off on the 2022 tax return (up to $1,080,000).

Ask your accountant or your tax preparer if you’re eligible for these tax savings. 

Contact us at Lang Specialty Trailers 724-972-6590 for our current Finance promotions to help you make the most of your investment dollars.