Section 179 Tax Deduction
Could your business use more than $1 million in income tax deductions? Section 179 of the current federal tax code allows you to elect to write off up to $1,220,000 in 2024 when you purchase or lease certain new or used equipment, trucks or trailers that are used for business purposes. Plus, you may still be able to qualify for depreciation as well! The deadline for placing these business assets in service is December 31, 2024, so check out our current inventory to get your biggest tax savings.
How Section 179 Works
The main purpose of Section 179 is to reward businesses for investing in themselves by purchasing qualifying equipment needed to grow your business. You add equipment, trucks or trailers while keeping more of your hard-earned money with an immediate income tax deduction.
When you purchase qualifying equipment, trucks or trailers from Stellar in 2024 and place the purchases in service before December 31, 2024, you can deduct up to $1,220,000, subject to certain limitations. To qualify for the full amount, the maximum you can spend in 2024 is $3,050,000 — if more than that is purchased, the amount of the deduction decreases. The deduction amount could also be limited to your business’s taxable income (in other words, a loss should not be generated with a Section 179 deduction, although any unused deduction could be carried over to the following year in certain situations). The amount of your deduction is based on the amount you spend on equipment and your business’s taxable income. Section 179.org provides complete details along with a handy calculator that helps you see your deduction as well as calculations for any bonus depreciation you may be able to receive. You should also consult with a qualified tax professional as there are nuanced rules that could apply, especially depending on your business entity structure.
Which Stellar® Equipment Qualifies?
Most Stellar equipment, including mechanic trucks, hooklifts, tire trucks, fuel trailers and much more, qualifies for the Section 179 income tax deduction. Our knowledgeable team can help you find the right product for your needs, and your qualified tax professional can verify that the equipment qualifies for the write-off before purchase.
Every Market Qualifies
Section 179 isn’t limited to certain types of businesses. You can get write-offs for qualifying Stellar equipment purchased for the following purposes, among others, as long as the equipment is predominately used in your business:
Don’t Miss the Savings
The opportunity to gain more than $1 million in write-offs for qualifying equipment purchases should not be overlooked. Consult with your qualified tax professional about maximizing your savings this year. Purchases must be made and placed in service no later than December 31, 2024, so don’t delay. View our available inventory, request a quote or reach out to our team for more information on qualifying equipment.