Section 179 Deduction Limit Increased to 1.16 million for 2023!
Almost every business equipment purchase your company makes (up to $500,000 $1,160,000) qualifies for a Section 179 deduction. These purchases may include vehicles, computers and—you guessed it—GPS tracking devices.
Businesses are often forced to shoulder a large portion of the country’s tax burden. While this can put a significant strain on business owners, the good news is that there are several ways they can use tax codes to their advantage. Fleet businesses, in particular, can benefit from both Section 179 deductions and fuel tax savings.
In addition to the many savings GPS tracking offers your fleet, it may also qualify as a tax deduction under Section 179.