Section 179
Take Advantage of Section 179 Tax Deductions at George Wall
Celebrate Commercial Vehicle Season at George Wall Ford and enjoy the benefits in time for the 2025 tax season! Whether you’re looking to purchase a brand new or pre-owned commercial vehicle, you can claim the entirety of the purchase thanks to Section 179.
Section 179 of the IRS tax code gives businesses permission to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. In order for equipment to qualify for a 2025 Section 179 deduction, it also must be purchased and put into service by end of day on 12/31/2025.
Here’s How Section 179 Works:
Section 179 allows business owners- small and large- to write off the entirety of their commercial vehicle purchase opposed to only claiming the depreciation amount year over year. With section 179, businesses can purchase needed equipment right now and get the full tax write off amount for the tax year they purchased it in. Up to $2,500,000 can be written off for the 2025 tax season.
What’s the difference between Section 179 and Bonus Depreciation?
Bonus Depreciation is useful to very large businesses spending more than the Section 179 Spending Cap (currently $4,000,000) on new capital equipment. When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation – unless the business had no taxable profit, because the unprofitable business is allowed to carry the loss forward to future years.
How To Meet Section 179 Deduction Requirements
In order to benefit from Section 179 tax deductions, your new or used vehicle purchase must be used for business purposes more than 50%. To qualify for the 2025 tax season, you must purchase your commercial vehicle and have it listed in service for business use by 12/31/2025. Don’t miss your opportunity to upgrade your Red Bank fleet for the current tax season!
Section 179 rules can change from year to year, and professional guidance is important for vehicle purchases. By planning carefully, Red Bank businesses can use Section 179 to maximize deductions, strengthen cash flow, and invest in their growth more effectively. Please visit www.Section179.Org for more information.