A boom in business.
A break in taxes.
Your business could deduct up to $30,500 in
Section 179 deductions - that's up to $6,405 in savings.
[2]
Section 179 Tax Savings
Section 179 of the I.R.S. tax code offers significant deductions on qualifying business vehicles.
What business vehicles may qualify? [2]
You may qualify if you:
+ Are a business that purchased or financed qualifying new or used business equipment, including certain business-use vehicles, during the 2024 tax year.
+ Put the equipment into service between January 1, 2024, and December 31, 2024.
+ Used this equipment for business purposes more than 50% of the time.
+ Spent less than $4,270,000 on this equipment.
How much could I deduct?
These are the limits:
+ You cannot write off more than $1,220,000.
+ The total amount of the equipment purchase cannot be more than $3,050,000. It phases out dollar-for-dollar after that, so once $4,270,000 is spent, the deduction goes away entirely.
Section 179 highlights
+ Section 179 allows qualifying businesses to deduct up to the full purchase price of certain new or used vehicles, equipment and/or software purchased and placed into service during the tax year.
+ To qualify, the percentage of business use for the vehicle, equipment or software must be more than 50%.
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