Section 179 Tax Benefits
Reduce the cost of your equipment.
What is the Section 179 Tax Incentive?
This deduction allows businesses to deduct the FULL PURCHASE PRICE of qualifying business equipment that has been acquired or financed by December 31st of the current tax year.
Already have equipment in mind? Get pre-qualified with no obligation before you buy.
How Does it Work?
- The deduction can be applied to all equipment & software acquired and installed by 12/31/24.
- Bonus depreciation is set at 60% for equipment acquired in 2024.
- For the 2024 tax year, the limit on individual equipment cost purchased is $1,220,000 or less.
- Section 179 applies to both NEW or USED equipment financed in fiscal year 2024.
What Do I Need To Do?
- Purchase the equipment you need before 12/31/24.
- Fill out Part 1 of IRS Form 4562.
- Attach the form to your Tax Return.
North Star Leasing provides the above Section 179 information as a guideline only. Please review with a professional tax advisor to determine actual tax savings qualifications.
North Star Leasing has been dedicated to providing easy access to flexible equipment financing solutions since 1979. Our commitment to personalized service sets us apart in the industry— no impersonal credit scoring systems, and a dedicated Equipment Financing Expert to help you navigate the process. When you call North Star Leasing, you’re treated as a valued customer, not just a number.