Maximize Your Tax Savings

Grow Your Business With Section 179 Tax Savings

As a small business owner or independent contractor, you’re likely looking for ways to lower your tax bill. Taking advantage of Section 179 can allow you to add another trailer to your fleet and reduce your end-of-year tax obligation.

About the 179 Deduction

The IRS and the U.S. government created this section of the tax code to help small businesses reinvest in their future growth. It enables you to deduct the full cost when purchasing qualifying equipment or assets you’ve acquired during the tax year. It allows you to lower your annual gross income, which could result in substantial tax savings.

The deduction applies whether you pay the entire amount of the asset upfront or finance the purchase over multiple years. Examples of the items that qualify for the deduction include business equipment like certain types of vehicles and trailers, office furniture, computers, and off-the-shelf software.

Section 179 for 2024

The Section 179 deduction limit for 2024 is $1.22 million, an increase from previous years. The total allowable asset purchase amount has also risen to $3.05 million. If the total worth of the property you acquired during the year surpasses this figure, your maximum deduction will begin to decline by the amount you exceed the threshold.

The money you save by taking advantage of this deduction could benefit your business in several ways. Use it to increase your staff, boost your marketing budget, or acquire additional assets.

Which Trailers Meet the Section 179 Guidelines?

Are you considering buying a gooseneck, heavy dump, or utility trailer by the end of the year? Nearly all new and used models are eligible for the deduction for the 2024 tax year. However, you must:

• Complete the purchase or lease by December 31, 2024
• Take receipt of your trailer by December 31, 2024
• Use the trailer for your business at least 50% of the time

What’s the Next Step?

Does the 179 tax deduction sound like a good fit for your business? It’s a good idea to consult your tax advisor to determine if the savings are available to your business. You should then locate a reputable trailer dealer that offers a wide selection of eligible vehicles.

Do you still have questions about Section 179 and whether it can benefit your business? Check out the official site for all the answers. You’ll also find a deduction calculator to help determine your potential Section 179 tax savings.

Find Your Next Trailer at Big Tex Trailer World

Whether you’re looking for a trailer to get the 179 deduction or for any other reason, Big Tex Trailer World has the right product for your needs and budget. Our extensive inventory across our nationwide locations includes heavy dump, gooseneck, utility, and other trailer types—we have the best selection of trailers, parts, and accessories anywhere. We stand behind everything we sell with an array of services, including customization, wiring and electrical repair, and coupler replacement.

Contact a location near you or call us at 888-885-1005 today.

*These statements present a potential tax scenario based on typical assumptions that may or may not apply to your business. This information is not tax advice. The indicated tax treatment applies only to transactions deemed to reflect a purchase of the equipment or a capitalized lease purchase transaction. Please consult your tax advisor to determine the tax ramifications of acquiring equipment for your business.