Line up of trucks and buses on top of dollar bill background with Section 179 logo

This Year's Section 179 Deduction is up to $1,160,00 

UP $80K FROM 2022

Section 179 Tax Deduction

Deduct up to $1,160,000 in tax incentives on new or used trucks and trailers purchased, financed or leased and put into service by December 31, 2023.

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2023 Deduction Limit and Spending Cap

Now through December 31, 2023, eligible business owners can write off up to $1,160,000 using the Section 179 deduction for any new or used trucks or trailers purchased, financed or leased and put into service in 2023. A $2,890,000 maximum can be spent on eligible equipment before the available tax deduction is reduced.

Also, a 80% bonus depreciation is available for new and used equipment, after the spending cap has been reached. The bonus depreciation is retroactive to September 27, 2017, and good through 2023.

We encourage you to contact your tax advisor concerning the 2023 Section 179 deduction and specific qualification details.

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Learn More About the Section 179 Deduction

Section 179 is an immediate expense deduction that allows businesses and owner-operators to write off the entire value of qualifying business purchases to decrease their taxable income for the tax year in which the item was acquired and put into service. We covered everything you need to know about Section 179 and how it could benefit your business on The Long Haul blog.

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Frequently Asked Questions

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