Section 179 Tax Deduction: How Commercial Trucks Benefit Small Business Taxes
Many small businesses across the United States share a common goal, come tax season: Reduce Taxable Gross Income. The IRS offers certain tax codes that help business owners write off business expenses, but few offer the same level of incentives that Section 179 is able to. Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn’t, as you will see below.
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. That means that if you buy (or lease) a Commercial Truck, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves, while also helping the economy. In order to qualify for the Section 179 Deduction, the Commercial Truck purchased or financed must be placed into service between January 1, 2020 and December 31, 2020. Are you interested in expanding your Truck Fleet, while also lowering your business’s Taxable Income? Speak with your Tax Professional and give us a call at 561-220-9992 !