Learn how Southeastern Equipment Company recommends using Section 179 tax deductions in 2024 to save on new equipment purchases and boost your bottom line.

CAMBRIDGE, OH, UNITED STATES, December 18, 2024 /EINPresswire.com/ -- Southeastern Equipment Company announced recommendations on how construction and landscaping businesses can leverage Section 179 tax deductions in 2024 to significantly reduce costs on new equipment purchases. With Section 179 allowing businesses to deduct the full purchase price of qualifying equipment placed into service during the tax year, companies have a valuable opportunity to boost their bottom line while upgrading their fleets.

Understanding Section 179
Section 179 enables business owners to deduct the full purchase price of qualifying equipment and software in the same year it is bought and put into service rather than depreciating the cost over multiple years. The deduction limit for the 2024 tax year is up to $1,160,000, with a total equipment purchase cap of $2,890,000. Once purchases exceed the cap, the deduction decreases on a dollar-for-dollar basis. This structure allows owner-operators in construction and landscaping to immediately write off significant portions of their equipment investments.

Bonus Depreciation for Larger Investments
If equipment purchases surpass Section 179 limits, bonus depreciation offers an additional avenue for tax relief. In 2024, businesses can deduct an extra 80% of the cost of qualifying new and used equipment after reaching the Section 179 limit. This provision remains a valuable strategy for those planning major capital investments.

Qualifying Equipment
Many equipment types may qualify for the Section 179 deduction, including heavy machinery, trucks and vehicles weighing over 6,000 pounds, and essential tools used in daily operations. Office equipment, standard off-the-shelf software, and other tangible items deployed in the business can also be eligible. All qualifying equipment must be placed into service during the tax year in which the deduction is claimed. Full IRS guidelines are available online for reference.

Trade-Ins Welcome
Businesses trading in old equipment for new models can still benefit from Section 179. The deduction applies to the net cost after the trade-in value is applied, offering an additional incentive for replacing outdated machinery and enhancing operational efficiency.

Claiming the Deduction
To claim the Section 179 deduction, businesses must file IRS Form 4562 and annual tax returns. Accurate record-keeping regarding purchase dates, costs, and business use percentages is essential. Consulting a tax advisor is recommended to ensure compliance and maximize potential savings.

Why 2024 is the Ideal Time to Invest
With Section 179 and bonus depreciation in effect for 2024, Southeastern Equipment encourages businesses to purchase equipment now. Investing this year can result in enhanced operational capabilities and significant tax savings. The company’s local team of experts can assist in identifying the right equipment to meet specific needs and budgets, and its trade-in programs can further improve the financial benefits.

About Southeastern Equipment Company
Southeastern Equipment has been a trusted partner for construction and landscaping professionals. It offers an extensive range of new and used equipment, plus comprehensive services and support. The company’s knowledgeable team guides to ensure each machine or part chosen is the perfect fit, while ongoing training, service, and maintenance help customers maximize their investments.

For more information on leveraging the Section 179 deduction, exploring current equipment options, or requesting a quote, contact Southeastern Equipment at 800-798-5438 or visit www.southeasternequip.com to browse thousands of parts online.

Charla Mayhew
Southeastern Equipment Company
+1 800-798-5438
asksoutheastern@southeasternequip.com
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