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Less than one month to get a $500,000 tax deduction!

Whether you are looking to add a new or used truck to your fleet, or are simply considering the purchase of your first truck, there is not much time left in 2017 to make a purchasing decision that could potentially benefit you and your company extremely well in the form of tax write-offs.

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.

What exactly qualifies for Section 179?

  • Tangible property, such as work trucks. 
  • Land and real estate to NOT apply
  • Trucks must be purchased in 2017
  • The truck must be put into service (ex: you can't just buy it and let it sit gathering dust solely for the purpose of claiming the incentive)

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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