Learn How Section 179 Can Help You Grow Your Small Business in 2024

If you own a small business and haven’t yet explored the benefits of Section 179, you could be missing out on significant tax savings. Section 179 can provide an opportunity to upgrade your fleet with new BWise trailers while potentially lowering your tax liability. Keep reading to learn about Section 179 and how you can leverage it to grow your business in 2024.

Section 179 Deduction Explained

To help stimulate small businesses to reinvest in new capital and equipment, the IRS established the Section 179 deduction. This tax code allows small- and medium-sized businesses to deduct up to 100% of the purchase price of qualifying equipment. By taking advantage of this deduction, businesses can lower their overall tax obligation, effectively reducing the purchase price of new equipment used for operations.

2024 Changes for Section 179

Each tax year typically brings updates to the Section 179 rules and limits. For the 2024 tax year, the deduction limit is $1,220,000, with a total equipment purchase cap of $3,050,000. This spending cap ensures that the incentive primarily benefits small- to medium-sized businesses, as the deduction phases out dollar-for-dollar beyond $3,050,000 and is completely phased out at $4,270,000. Additionally, a 60% bonus depreciation is available for 2024, providing further tax-saving opportunities for businesses investing in new equipment.

Which BWise Trailers Qualify for the Section 179 Deduction?

Most of our professional-grade trailers are eligible for the Section 179 deduction, including dump trailers, utility trailers, and equipment trailers. However, your business must follow a few key rules regarding your trailer purchase before applying for the deduction:

• Your trailer(s) must be purchased or leased by December 31, 2024.
• You must take receipt of your trailer(s) by December 31, 2024.
• All trailers must be used for business purposes at least 50% of the time.

Shop BWise Trailers Now to Take Advantage of Section 179

If you believe your business could benefit from a new trailer and deduct the full purchase price from your 2024 business taxes by applying the Section 179 deduction, act now before the year ends. Here are the steps to get started:

• Find your nearest BWise dealer.
• Consult with your tax professional before making a purchase.
• Learn more about Section 179 by visiting section179.org.

*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.