Are you a towing business owner looking to make a strategic investment while also saving taxes? The Section 179 deduction in 2023 might be just what you need. This valuable tax provision allows businesses to deduct the full purchase price of qualifying equipment and vehicles in the year of acquisition, rather than depreciating them over several years.
Does the tow truck you want to finance qualify for a Section 179 deduction? Check out the partial list below – it may qualify for a Section 179 deduction on your 2023 tax returns.
Trucks Based on Year…
- 2023 Truck Models
- 2022 Truck Models
- 2021 Truck Models
- 2020 Truck Models
- Truck Models Older than 2019
- Calculate Your Truck's Potential Cost After Tax Savings
Tow Trucks That May Qualify for Section 179*
The following trucks exceed more than 6,000 pounds in gross vehicle weight rating (GVWR). The truck models below include their average GVWR so you can easily check. The truck you need for your tow truck enterprise may qualify* for a Section 179 deduction.
2023 Truck Models
- 2023 Ram 3500 (10,700 to 11,400 lbs)
- 2023 GMC Sierra 1500 (6,700 to 7,200 lbs)
- 2023 Chevrolet Silverado 1500 (6,700 to 7,100 lbs)
2022 Truck Models
- 2022 Ford F250 (10,000 lbs)
- 2022 Ford F450 (14,000 lbs)
- 2022 Ford F650 (20,500 to 29,000 lbs)
2021 Truck Models
2020 Truck Models
Truck Models Older than 2019
- 2007 Peterbilt 378 (50,000 lbs)
- 2007 Peterbilt 379 (48,000 lbs)
- 2007 Chevrolet 3500 (9,700 to 11,400 lbs)
- 2004 International 4300 (23,500 lbs)
*Remember: Make sure to consult with your CPA or tax advisor prior to any equipment purchase to discuss the tax savings for your business. Don't see a truck included in this list? Be sure to consult your tax advisor to see if it qualifies for a Section 179 tax deduction.
Calculate Your Truck's Potential Cost After Tax Savings
Ready to maximize your tax savings on your next tow truck purchase this year? Don't miss out on this opportunity to save big and expense 100% of your truck's cost with a Section 179 deduction.
Use our FREE calculator now to see how affordable your truck's cost could be after tax savings! And if you purchase equipment worth over $1,160,000 and put it into service by December 31st, you may also be eligible for Bonus Depreciation.
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