11/23/2011 11:49:20 AM // TOPICS: Tax Deductions

Big Write-Offs for Vehicle Purchases

What is the Section 179 Deduction?

Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. This means that if you buy or finance a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It's an incentive created by the U.S. Government to encourage businesses to buy equipment.

Altec NUECO equipment that generally qualifies for the Section 179 Deduction

Please keep in mind that to qualify for the Section 179 Deduction for 2011, the below equipment must be purchased and put to use between January 1, 2011 and December 31, 2011.

• Business vehicles with a gross vehicle weight (GVW) in excess of 6,000 lbs.
  • This includes every vehicle Altec NUECO sells:
    • Bucket Trucks
    • Crane Trucks
    • Digger Derrick Trucks
    • Forestry Trucks
    • Telecom Equipment Trucks
  • Vehicles 6,001 lbs. to 14,000 lbs. GVW qualify for a maximum $25,000 deduction per vehicle.
  • Vehicles over 14,000 lbs. GVW are not subject to the $25,000 maximum deduction per vehicle.

Learn More

To learn more about how to qualify for the Section 179 Deduction, visit the Section 179 Deduction website.

NOTE: This information is intended to make you aware of a potential Section 179 deduction. Please consult a tax professional to determine Section 179's applicability to your business.