Section 179

Section 179 of the IRS tax code was designed with small businesses in mind. Section 179 of the IRS tax code allows businesses to deduct the purchase price of qualifying equipment in addition to software purchased or financed during the fiscal year up to a grand total of $500,000.* If you lease or buy a qualifying piece of equipment, you can deduct the entire purchase from your income. The Section 179 incentive was created by the American government to encourage small businesses to buy equipment and invest in their brand. Almost every type of business equipment that your company may be required to buy might qualify for this incentive.


 

For trucks, vans, and passenger vehicles that are used more than 50% in a qualified business manner, the total deduction for depreciation including both the Section 179 expense deduction as well as Bonus Depreciation is limited to a sum of $11,060 for cars and $11,160 for trucks and vans. Some vehicles qualify for expensing up to $25,000 if the vehicle is financed and put into service before December 31 and meet other conditions. Section 179 for 2017 expires at midnight on 12/31/2017. If you want to deduct the price of the equipment from this year's taxes and check out the new higher deduction limits, it must be obtained and put into service by that time.


 

When it comes to operating a business in Reading, we all know how critical it is to have transportation for your business. From our inventory of Transit vans to a broad selection of F-Series trucks, any vehicle you need for your business is here at Tom Masano Ford. If you're trying to take your business to the next level, then benefit from the Section 179 tax break here at Tom Masano Ford. There is no better place to purchase that commercial vehicle in Reading, where you can not only conserve your budget when it comes to taxes but get your vehicle for a competitive price.

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Tom Masano Ford Lincoln

1600 Lancaster Ave
Directions Reading, PA 19607

  • Sales: (877) 866-6272
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*Please see tax professional for details
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