Feb 3, 2025 · Section 179 allows farmers to deduct a significant portion of the cost of new or used vehicles in the first year that they’re placed in service instead of depreciating them over time, …

Farmers, like other business owners, have the option to either (1) deduct the actual cost of operating a truck or car in their business or (2) deduct the standard mileage rate for each mile …

Oct 15, 2025 · Today, farmers can deduct the entire cost of business equipment—like a new tractor, combine, or other machinery—from their gross income under Section 179.

If you use certain highway trucks, truck-trailers, tractor trailers, or buses in your farming business, you may have to pay a federal highway motor vehicle use tax.

Learn how farmers can use Section 179 to deduct the full purchase price of farm machinery and equipment. Understand the 2026 deduction limits and what property qualifies.

Jan 20, 2025 · Discover how Section 179 can help farmers save thousands on taxes in 2025. This comprehensive guide breaks down the rules, limits, and benefits of this powerful tax …

Jun 15, 2022 · If you are looking to write off the entire purchase price of the vehicle, look into Bonus depreciation rules that were passed under TCJA. We have more details below.

Apr 11, 2025 · Since it's a deduction not a credit, it can only reduce your taxable income to zero, not generate a refund beyond taxes paid. If you can't use the full deduction, the unused …

Oct 5, 2024 · A Section 179 tax deduction covers new vehicles as well as pre-owned vehicles. However, the vehicle must be utilized more than 50% of the time for business purposes.

Feb 20, 2025 · Under Section 179, you can write off the expense of acquiring business assets in the year you acquire them. This offers substantial immediate tax relief. As a result, businesses …