Save On Your 2019 Taxes

Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying business vehicles with a gross vehicle weight in excess of 6,000 lbs (see Section 179 Vehicle Deductions) purchased or financed during the tax year. That means that if you buy a qualifying vehicle, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. To qualify for the Section 179 Deduction, the equipment purchased or financed must be placed into service between January 1, 2019 and December 31, 2019.
This post does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisers concerning the application of tax laws to their particular situations.