IRS 179 Tax Code: What Truckers Need to Know
2020 has been an unprecedented year for truck drivers. Whether it has hit you beneath the belt or has worked wonders for your wallet, how you handle your 2020 tax return is bound to make a big difference, one way or the other.
Many truck drivers don’t realize the benefits that are available to them or think they are so complicated, taking advantage of them is not worth the effort. That is far from the truth, however.
How the 179 Tax Code Works
The goal at tax time, for those in the trucking industry, is always to reduce Taxable Gross Income since taxes are paid on Adjusted Taxable Income which is your income after qualified deductions.
Truck drivers, like other small business owners, are entitled to deductions and incentives that are set into place for them through Section 179, otherwise known as the IRS 179 Tax Code. While there are a handful of tax codes that allow business owners to write off business expenses, Section 179 is the ultimate for optimizing deductions and maximizing incentives.
Contrary to common belief, Section 179 is relatively simple to navigate through and is well worth taking the time and making the effort to do so. Here’s why:
Section 179 of the IRS Tax Code allows business owners, including truck drivers, to deduct the entire price of the purchase of qualifying equipment that is purchased or financed during the current tax year. The bottom line is that you can buy, or even lease, a Commercial Truck and turn around and deduct the full price tag from your Gross Income. That means you attain the goal of reducing your Taxable Income and get a Commercial Truck in the process. Talk about a win-win!
What’s the hitch? There isn’t one. The incentive was created by the United States Government in order to encourage business owners to invest in their work and to buy equipment, thus fueling the economy.
Don’t Delay, Call Today
To qualify for the 2020 tax season, the Commercial Truck must be purchased or financed between January 1, 2020 and December 31, 2020. You still have time to reduce your Taxable Income through Section 179 of the IRS Tax Code while enjoying a new Commercial Vehicle. But, time is running out.
At MJ Truck Nation, we are here to help. With tons of trucks to choose from and a helpful and friendly sales team to assist you, you’ll be in good hands. If you don’t find the exact Commercial Truck you are looking for, we’ll find it for you or custom build it.
With on-site financing, we are able to get you behind the wheel of a great truck where others can’t. And, if you don’t live in the South Florida area, we will arrange to deliver your truck to you. We will always go the extra mile for you.
To take advantage of Section 179 of the IRS Tax Code for 2020, give MJ Truck Nation a call today – (561) 220-9992.