Disclaimer: We are not tax professionals, and this information is for educational and informational purposes only. Please consult a qualified tax advisor to determine how Section 179 and other tax provisions apply to your specific situation.
Section 179 is a tax rule that permits companies to deduct the total cost of qualifying equipment during the year the equipment was purchased.
In other words, if you purchase new or used forestry equipment, construction equipment, or cranes before the year is up, Section 179 would allow you to reduce your income by the full cost of that equipment this year, with restrictions. (For instance, the equipment must be put into use this year.)
In 2024, companies can deduct up to $1,220,000 on qualifying purchases via Section 179, with the spend capped out at $3,050,000. That could significantly reduce the total taxable income in one year, saving you money and allowing you to replenish your fleet of equipment as the need arises, creating a win-win all around.
Interested in purchasing new or used heavy machinery or equipment? Contact your nearest Triad Machinery today. We’ve got you covered.
