Can I Use Section 179 Deductions for My Business?

Yes — Section 179 allows you to deduct the full purchase price of qualifying business equipment, software, and certain vehicles in the year you place them in service, rather than depreciating them over many years. The 2024 limit is $1,220,000 with a phase-out beginning at $3,050,000 of total purchases. The equipment must be used more than 50% for business, and the deduction cannot exceed your business's net income (though unused amounts carry forward). Vehicles over 6,000 lbs have a separate $30,500 SUV cap. Section 179 is great for maximizing deductions in a profitable year.