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Take Advantage of Section 179 Tax Savings Before the Year Ends!

Nov. 25 2024 News By Westrux International

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Take Advantage of Section 179 Tax Savings Before the Year Ends!

Are you considering adding a new or used truck or trailer to your fleet? Now is the time to act! Tax season is just around the corner, and now is the perfect time to evaluate your business’s deductions and tax write-offs. If you’ve purchased, financed, or leased new or used trucks or trailers in 2024, you might be eligible for significant savings under Section 179 of the U.S. Internal Revenue Code. Section 179 allows businesses to deduct the full cost of qualifying purchases, including vehicles and equipment, to reduce taxable income in the year those items are acquired and put into service. Here’s everything you need to know about leveraging Section 179 for your business and why now is the time to act.

What is Section 179?

Section 179 of the IRS tax code is designed to encourage businesses to invest in equipment and vehicles. This means if you purchase, lease, or finance a qualifying vehicle—such as an International truck from Westrux—you can deduct the full purchase price from your taxable income, significantly lowering your tax liability for the year. 

Benefits of Section 179

  1. Immediate Savings: Deducting the entire cost of qualifying purchases reduces your taxable income in the current year.
  2. Faster ROI: Use the tax savings to reinvest in other business needs or upgrade your fleet sooner.
  3. Flexibility: Section 179 applies to both new and used trucks or trailers, as long as they’re “new to you.”
  4. Stimulus for Growth: Encourages businesses to invest now instead of delaying crucial upgrades.

Here’s the key: the truck or trailer must be purchased and put into service before December 31, 2024 to qualify. That’s why it’s critical to act fast to secure your savings.

2024 Section 179 Deduction Limits

For the 2024 tax year (filed in 2025), businesses can deduct up to $1,220,000 under Section 179. This is a $60,000 increase from the previous year.

  • Spending Cap: Businesses can spend up to $3,050,000 on qualifying purchases before deductions begin to phase out. Once total expenditures reach $4,270,000, the deduction is eliminated.
  • Bonus Depreciation: For 2024, businesses can also claim 60% bonus depreciation on qualifying purchases. This option is available even for businesses exceeding Section 179 spending caps.

Qualifying Vehicles for Section 179 in 2024

To qualify for a Section 179 deduction, vehicles must meet the following criteria:

  • Acquisition & Use: The vehicle must be purchased, financed, or leased and placed into service by December 31, 2024.
  • Business Use: It must be used for business purposes at least 50% of the time. The deduction amount is prorated based on the percentage of business use.
  • Eligible Vehicle Types:
    • Heavy Vehicles (GVWR of 6,001–14,000 lbs): Deduction limit of $30,500.
    • Other Vehicles (GVWR over 14,000 lbs): Full cost deduction, including commercial trucks and trailers.

Why Purchase an International Truck from Westrux?

When you choose an International truck, you’re not just investing in a truck—you’re investing in unmatched quality, performance, and support. Westrux inventory includes the latest International models that deliver advanced powertrain technology, enhanced fuel efficiency, and durability to meet the toughest demands. Whether you're looking for medium-duty, heavy-duty, or severe-duty trucks, we have the right solution for your business.

At Westrux International, we specialize in high-quality trucks designed to help your business thrive. Whether you need a heavy-duty hauler or a reliable medium-duty truck, we have options that fit your needs—and your Section 179 strategy.

By purchasing an International truck from Westrux before year-end, you can:

  • Maximize your 2024 tax savings.
  • Avoid potential delays caused by year-end demand.
  • Equip your fleet with cutting-edge technology and unmatched reliability.

Financing and Leasing Options Available

Not ready to purchase outright? No problem! At Westrux, we offer flexible financing and leasing options to fit your budget. Whether you’re growing your fleet or replacing an older truck, we’ll help you find the perfect solution to take advantage of Section 179 savings.

Act Now—Deadline is December 31, 2024!

Time is running out to make the most of this powerful tax incentive. Don’t wait until the last minute to act—contact Westrux International today and let us help you find the truck that fits your needs and qualifies for the Section 179 deduction.

Call or visit us to explore our inventory and learn more about how we can help your business save big this tax season.

How to Get Started

  1. Consult a Tax Professional: While this guide provides an overview, your accountant or tax advisor can offer personalized advice based on your business’s needs.
  2. Explore Westrux Inventory: Visit Westrux International to find the perfect truck or trailer for your fleet.
  3. Act Now: Secure your purchase before December 31 to lock in your Section 179 savings.

Take control of your tax savings while upgrading your fleet. Let Westrux be your partner in driving success!