Maximize your Savings on Office Furniture
As the heartbeat of business innovation, New York City thrives on strategic decisions that fuel growth and prosperity. One such decision-making lever that businesses in the Empire State can pull is embedded in the IRS Tax Code – Section 179. In this blog post, we will explore how Section 179 can be a game-changer for businesses eyeing new furniture and/or pre-owned acquisitions in 2023, shedding light on the potential for substantial tax savings and reduced after-tax costs.
Understanding Section 179
Section 179 is a powerful provision within the IRS Tax Code designed to encourage businesses to invest in growth by allowing them to deduct the full purchase price of certain assets, including new and used equipment, software, and crucially, furniture. By accelerating depreciation, businesses can enjoy a larger tax deduction upfront, rather than spreading it over the item’s useful life.
Consider this example for equipment costing $100,000:
Generous Maximum Limit
In 2023, businesses can capitalize on a maximum deduction limit of $1,160,000. This substantial allowance opens the door for significant savings, especially for those investing in quality office furniture
Timely Action for Savings
In conclusion, Section 179 is a beacon of opportunity for businesses in New York aiming to revitalize their office spaces with new or refurbished office furniture. By understanding the features and acting promptly, businesses can unlock significant tax savings, ultimately reducing the true cost of ownership. The time to save is now – leverage Section 179 and transform your office environment while keeping more money in your business’s pocket