What exactly is Section 179?

Section 179 is a rewarding tax break that many Skid Steer and Heavy Equipment operators can take advantage of when filing taxes for the year. If you own or operate a small business that purchases, finances or leases less than $2,500,000 in new or used equipment during the tax year, you most likely qualify for this deduction.

 What type of assets are eligible? 

• Machinery and Equipment for business use
• Tangible property used in business
• Business vehicles (gross weight of 6,000 lbs. or greater)
• Office equipment
• Office furniture
• Computers and "off-the-shelf" computer software
• Large manufacturing tools and equipment
• Machinery and Equipment for partial business use (deduction based of percentage of personal use vs. business use)

Is there a deadline?

There is a deadline. Equipment, machinery, attachments, and any other qualifying deductions must be purchased/financed and put into use by December 31 of the tax year you are claiming.

Anything else I should be aware of?

Learn more about 179 here in our article!

Any more questions? Get in touch with a tax professional

Please note that this webpage is designed as a primer and explanation of the Section 179 deduction. We do not claim to be tax professionals and want to remind you that the facts and figures presented on this page are liable to change year-to-year and without warning, depending on adjustments and changes made by the IRS. While we understand the benefits this deduction can have for our customers and owners of small businesses, we urge you to consult with your accountant or a qualified tax professional before making any qualifying purchases or claiming any deductions on your official tax return.