Peer to Peer: ILTA's Quarterly Magazine

Issue link: https://epubs.iltanet.org/i/1463380

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Page 26 of 72

27 I L T A N E T . O R G year and means that for most small businesses the entire cost of qualifying equipment can be written off on the 2022 tax return: The deduction limit for Section 179 is $1,080,000 in 2022 up from $1,050,000 in 2021. This means U.S. companies can deduct the full price of qualified equipment purchases, up to $1,080,000, with a "total equipment purchase" limit of $2.7 million (up from $2.62 million in 2021). This deduction is good on new and used equipment, as well as off-the-shelf software. The 2022 Section 179 deduction threshold for total amount of equipment that can be purchased is $2,700,000. This means that you can purchase more equipment and still have the benefit of the Section 179 deduction. This is the maximum amount that can be spent on equipment before the IRS Section 179 Deduction available to your company begins to be reduced on a dollar-for-dollar basis. This spending cap makes Section 179 a true "small business tax incentive". Conclusion These are the challenges we face now—and the only thing we know with guaranteed certainty is that things will continue to change as we rise to the challenges laid before us. Great challenges are always met with great opportunities. Ensuring the firm has financial and operational flexibility, a continuously up-to-date equipment technology fleet to improve security as well as mobile asset management to manage it all are the tools needed to compete successfully moving forward—and leasing is the financial strategy that supports these requirements. ILTA Mike Henderson is a Regional Manager at CoreTech Leasing, Inc. He initiated his career in technology and equipment leasing with an18 year tenure at US Bank's Equipment Finance Division with the Oliver Allen Corporation where he was pivotal in building the group's impressive portfolio along with CoreTech's president and founder, Scott McFetters. Whitney Jones is a Senior Account Manager at CoreTech Leasing, Inc. She is an accomplished, multifaceted sales professional with 10+ years of experience in sales, marketing, client relations, business operations and management. Her background encompasses exceptional performance in B to B and B to C sales, broadening / reinforcing connections, marketing and operations. Skilled negotiator and communicator dedicated to client acquisition / retention, improved client satisfaction, and brand promotion. Bill Pitcairn is a Senior Account Manager at CoreTech Leasing, Inc. Prior to CoreTech, Pitcairn was elected to the Comdisco's CEO Executive Sales Council where he closed upwards of $160 million in lease and financing structures in one 18-month period, and managed the two largest leasing relationships at AT&T and Verizon. He also served as VP of the Northeast Region for GE Capital where he was awarded as one of the company's top salesman over multiple years. Additionally, he was vice president of Sales at Presidio Technology Capital where he led a multi-million-dollar managed services contract with a major university. He most recently served as vice president of First Financial Corporate Services.

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