Yes, you can finance a vehicle and still take the Section 179 deduction. This can be a great way to improve cash flow – you take the entire price as a deduction, but are only paying back a small portion of it this year. Is it possible to finance a vehicle under a company's name...
With the Section 179 equipment deduction exception, you’re able to deduct the full purchase price of that tractor from your taxes in the first tax year. Suppose you have a tax liability of $100,000 and the vehicle from above that depreciates over 3 years at $20,000. By taking the ...