Bergey’s Truck Centers Acquires Cumberland Truck
Bergey’s Truck Centers Acquires Cumberland Truck
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Section 179 is part of the IRS tax code that allows businesses to deduct the full purchase price of qualifying equipment acquired and put into use during the tax year. If you purchase qualifying equipment, you can deduct the full purchase price from your gross income. This tax deduction can be a beneficial program for both large and small businesses.
This tax program takes the place of typical depreciation that was done over a set period of time. With Section 179 you can write off the entire purchase price of qualifying equipment in the current tax year. This gives many businesses the ability to purchase NOW, instead of having to wait for better financial environments.
There is one caveat to the program. Not only does it cap the amount a business can write off ($1,220,000 expensed assets), but it also limits the total amount of equipment purchased (set at $3,050,000 for 2024).
There is also a use requirement. The tax code requires that any equipment acquired and submitted to the program must be used for business purposes more than 50% of the time to qualify.
If you are planning on making a purchase in 2024, use the Section 179 Tax Deduction Calculator available from Section179.org. All you’ll need to get started is:
BUZZNERD TRUCKS 
