Find out what type of Section 179 tax deduction you can take when buying a vehicle for business use.
Section 179 deductions allow taxpayers to deduct the cost of certain properties as expenses when used in service. Section 179 refers to a section of the U.S. tax code allowing for businesses to deduct property cost when eligible. The property you deduct must also be purchased for business use...
In 2024 (taxes filed in 2025), the maximum deduction under Section 179 is limited to $1,220,000. A business can combine multiple expenses to reach that total, but there is an overall limit on how much eligible equipment you can buy and still receive a deduction. The maximum deductible am...