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Deductions for Section 179 allow you to get tax breaks when you finance a car, truck, or heavy machinery. These depreciation expenses allow you to get a tax break on your business taxes when you finance or purchase a vehicle or machine.
Equipment that has a useful life longer than a year is considered to be equipment in tax law. Cost doesn't matter; it could be expensive or inexpensive. Rather than deducting the cost of equipment simply, you usually need to depreciate it over a fixed period of time. On qualified equipment, the deduction limit is $1,000,000, and the limit on equipment purchases is now increased to $2.5 million. This deduction requires businesses to elect it and is not automatic, so you must submit Part I of IRS form 4562 to take the deduction.
