Who is Eligible?

If you own a business or are a contractor, the Section 179 deductions allow you to write off the entire purchase on qualifying equipment. That's not always how it was, however. Originally, when you bought a new Chevrolet Silverado for the worksite, you were allowed to write off depreciation values each year. Now, you can take care of it all at the time of purchase. Of course, you can't go all-in on your business and expect to write it all off. There is a cap of $1,000,000, which s plenty to work with. And here's the best part. Any business that buys, finances, or even leases new or used business equipment is eligible. Most vehicles that are used more than 50 percent for business or contracting use qualify for some sort of deduction, so be sure to inquire about Section 179 on the vehicle you are shopping for.

What Vehicles Qualify?

Any vehicle used for your business, whether you own it or are an independent contractor, is eligible for some write off. Some passenger vehicles have limitations of $11,600 or $18,000. But most larger commercial vehicles used specifically for business purposes are eligible. Vehicle considered work vehicles and eligible for a full write-off of purchase price are: