Section 179 of the I.R.S. tax code offers significant deductions on qualifying business vehicles.
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.
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 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%.
Starting at $49,900*
Starting at $52,120*
Starting at $55,800*
Starting at $53,000*
Starting at $71,886*
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