SECTION 179 TAX DEDUCTIONS

As we enter Q4 and quickly approach the end of the year, we want to remind business owners to use Section 179 of the IRS Tax Code. Section 179 can be extremely profitable for your business, allowing you to invest in equipment while keeping more of your tax dollars. According to the IRS under the 2018 tax reform, and subject to limitations, businesses are able to deduct the full purchase price for qualifying equipment.

If you bought a piece of equipment in 2024, be sure to check with your CPA or tax preparer about deducting that full amount, as well as eligibility for 60% bonus depreciation on both New and Used equipment for the entirety of 2024. According to Section179.org, this includes qualifying equipment that was purchased in-full, as well as financed.

Buy Early. If you want to take advantage of the Section 179 benefits and deductions, it’s important to note that equipment must be acquired and put into service by December 31, 2024. We know it’s common practice to purchase equipment in the fourth quarter of the year, but don’t delay because equipment that is simply newly purchased but not delivered or used may not qualify until the year it is put into service. Visit Section179.Org for more detailed information.

Contact APCO Equipment Sales team (702) 871-7474 for your equipment needs. We offer New and Used Develon, Dynapac, Hitachi (Loaders), Kobelco & Kubota Equipment.