As the tax legislation currently stands, the IRC 179 maximum allowable deduction for tax year 2012 and beyond is set to revert to $25,000, so operators considering the purchase of a new FUSO truck or trucks, should certainly consider the tax implications of buying this year versus postponing the purchase beyond 2011.
IRC Section 179 contains a number of limitations and provisions that may affect the extent to which any business can deduct any specific purchase. Consequently, business owners should consult their own tax advisers and accountants regarding their individual situation and the applicability of IRC 179 to it.
Correction: The author of October’s Operations Illustrated segment was incorrrectly identified. It was written by Contributing Editor Mary Foster. We regret the error.
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