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Section 179 is a tax write-off for any new or used medium or heavy duty truck purchased in the 2017 calendar year. If you're trying to decide whether or not you want to purchase or lease, this may very well affect your decision as this tax measure allows business owners to write off $500,000. Obviously with the potential to write off half a million dollars, this can have a very big impact on your overall equipment costs.
This is being called a "true small business tax incentive" because larger companies who spend $2.5 million or more on equipment will not be able to take advantage of this write-off. How much of this incentive will you be able to benefit from? Use the official Section 179 calculator to find out.
The IRS has a form specifically for Section 179 deductions titled IRS Form 4562. It is best to consult a tax professional to ensure nothing is overlooked. We encourage you to keep records of your Section 179 equipment purchase such as the date of purchase, any expenses of getting it up and running, and the date it was put into service.
J. Ruble and Sons has 40+ years experience in the trucking industry. Contact us today to speak to an expert about making a Section 179 purchase before it's too late!
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