Maximize Your Business Savings with Section 179 Deductions
Maximizing your business's potential is a breeze with Section 179. Section 179 is a tax deduction that helps owners spend less and grow their business faster and more steadily. Norris Ford is happy to help explain Section 179 in more detail.
What is Section 179
Section 179 is a tax deduction that small and medium businesses can use to write off qualifying business vehicles and equipment. The write-off is immediate and a powerful business tax incentive for those who can take advantage of it.
How it Works
Section 179 allows business owners to write off the entire equipment or vehicle purchase in the year they purchase it. With a Section 179 deduction limit of $2,560,000, that's a huge deal for small or medium business owners. Keep in mind that the tax benefits begin phasing out at $4,090,000, with a full phase-out at $6,650,000. To take advantage of the 2026 savings, your equipment and vehicles must be purchased and in use before December 31, 2026.
Who & What Qualifies?
Small and medium businesses can qualify for Section 179. Eligible assets include business vehicles with over 6,000 pounds GVWR, select SUVs, office furniture and equipment, manufacturing and production equipment, specialized non-passenger vehicles, certain building improvements, and computers and technology systems. All equipment must be purchased and in use in the same year as you apply for Section 179 tax savings. All qualifying vehicles, equipment, and items must also be used for business-related purposes more than 50% of the time.
Contact Our Team
To learn more about what makes Section 179 so special, please get in touch with our team today. At Norris Ford, we understand what it means to do right by your growing business. To help your business grow, feel free to reach out and ask us how you can take advantage of Section 179 tax deductions today. We look forward to serving your business.
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