Maximize Savings with Section 179: Why Now is the Best Time to Invest in a Truck
As the year comes to close, savvy business owners, know it's the perfect time to take advantage of the Section 179 tax deduction. If you’ve been eyeing a new or used truck to expand your fleet or enhance your operations, Ohio Peterbilt has the inventory you need—and the timing couldn’t be better. This powerful tax deduction can make your truck purchase more affordable while helping your business save big. Let’s break down how Section 179 works and why it’s an opportunity you don’t want to miss.
What is Section 179?
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and vehicles purchased or financed during the tax year. Instead of depreciating the cost of a truck over several years, you can claim the full deduction upfront. This means you can reduce your taxable income for 2024 while investing in the equipment you need to drive your business forward.
How Does Section 179 Apply to Truck Sales?
If you’re purchasing a truck for business use, Section 179 can significantly offset the cost. Here’s how it works:
Deduction Limit: For 2024, you can deduct up to $1,160,000 in qualifying equipment purchases, including trucks.
Bonus Depreciation: In addition to the standard deduction, bonus depreciation allows you to write off a percentage of the remaining cost of the truck, further reducing your tax burden.
Eligibility: Both new and used trucks qualify as long as they are purchased and put into service before December 31, 2024.
At Ohio Peterbilt, our extensive selection of new and used trucks, including popular models like the Peterbilt 579 and 389, are ready to help you take advantage of these benefits before the deadline.
Why Act Now?
Time is of the essence when it comes to Section 179. To qualify for the deduction, your truck must be purchased, financed, or leased and put into service by December 31, 2024. Delaying your decision could mean missing out on thousands of dollars in tax savings.
By purchasing a truck now, you can:
Save on Taxes: Lower your taxable income for the year, potentially leading to a significant reduction in what you owe the IRS.
Invest in Growth: Upgrade your fleet or expand your operations with a reliable, high-performance Peterbilt truck.
Improve Cash Flow: Combine the tax deduction with financing options to reduce upfront costs and keep more cash in your business.
Find Your Perfect Truck at Ohio Peterbilt
At Ohio Peterbilt, we’re here to help you find the perfect truck to meet your business needs and take advantage of the Section 179 tax deduction. Our inventory includes a wide variety of new and used trucks designed to handle the demands of the road. Plus, our expert team is available to guide you through the process and ensure your purchase is as seamless as possible.
Don’t Wait—Act Before the Deadline!
With December 31 fast approaching, now is the time to explore Ohio Peterbilt’s truck sales and secure your Section 179 tax deduction. Visit one of our locations or browse our inventory online to find the truck that’s right for you.
Ready to save? Contact Ohio Peterbilt today and make your year-end truck purchase a decision that pays off for years to come!
By taking advantage of Section 179, you're not just buying a truck—you're making an investment in the future of your business. Let Ohio Peterbilt help you make the most of this opportunity.