WHAT IS THE SECTION 179 DEDUCTION?

Section 179 of the IRS tax code enables businesses to deduct the full purchase price of qualifying equipment, vehicles, or software bought or financed within the tax year.

If you purchase or finance a qualifying vehicle like the Volvo XC90, which has a GVWR of over 6,000 lbs, you can deduct the entire purchase price from your gross income.

Businesses that acquire a new or used qualifying vehicle during the tax year should qualify for this deduction. However, companies spending over $3,500,000 may not be eligible. For any questions, it's always best to consult with your CPA.