Ready to Upgrade Your Semi-Truck? Maximize Tax Savings with Section 179
If you are in the market for new medium or heavy-duty semi-trucks, now could be a great time to invest in your business to take advantage of the 2024 Section 179 Tax deduction. Don’t wait, the deadline is coming soon and you could miss out on thousands of dollars in tax savings.
What is Section 179 and How Can it Benefit You?
Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income.
Deduction Limit
Through December 31, 2024, eligible business owners can write off up to $1,220,000 using the Section 179 deduction for any new or used trucks that are purchased, financed or leased into service in 2024. A $3,050,000 maximum can be spent on eligible equipment before the available tax deduction is reduced.
Bonus Depreciation
A 60% bonus depreciation is available through new and used equipment after the spending cap has been reached. The bonus depreciation is retroactive to September 27, 2017, and good through 2024.
Eligible Equipment
Both new and used trucks qualify if they are purchased and put into service before December 31, 2024.
We have a great selection of new trucks, including a variety of2025 Peterbilt 567 day cabs ready to tackle the tough jobs.
2024 Section 179 Tax Deduction Calculator
Utilize this easy-to-used 2024 Section 179 Tax Deduction Calculator to assist in your decision-making process. This tool and information are provided for informational purposes and should not be used as tax advice. We recommend consulting with a qualified tax professional concerning the 2024 Section 179 deduction and your business.
Find Your Truck at TLG Peterbilt
TLG Peterbilt has an extensive inventory of in-stock new and used day cab, sleeper and vocational semi-trucks for sale across our 25 locations. Reach out to a TLG sales representative today to help you take advantage of these benefits before the deadline. In-house semi-truck financing is available through TLG Financial.
Browse New Inventory
Browse Used Truck Inventory