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The Section 179 tax deduction could lower your equipment costs.
If you’re in the market for a new or pre-owned truck, you may be eligible for the Section 179 deduction.
Section 179 Deduction Limits for 2022: The Section 179 deduction limit for 2022 is $1,050,000. This means your company can deduct the full cost of qualifying equipment (new or used), up to $1,050,000, from your 2022 taxable income. This deduction is good until you reach 2.62 million in purchases for the year.
To compute your potential savings, go to the official Section 179 calculator.
We encourage you to contact your tax advisor concerning the 2022 Section 179 deduction and specific qualification details.
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