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Section 179 Deduction | United States IRS Tax Code

Maximize your purchasing power every year with this tax deduction. Section 179 is part of the tax code that allows businesses to save money when buying a piece of qualifying equipment, such as agricultural equipment. If you are a business owner, you can use this deduction every year. Get the equipment you want and write it off on your tax-return.

Important Dates for Livestock Producers:

  • Eligible Purchase Period: Equipment must be purchased and put to use between January 1 and December 31 of the tax year
  • Form due: When taxes are due

Application Requirements:

  1. Be a citizen of the United States of America, or lawfully present in the United States.
  2. Own a business in the United States of America.
  3. Be at least 18 years old during the application period.
  4. Buy equipment for business use.
  5. Use equipment within the same calendar year of purchase.

How to Apply:

  1. Visit IRS Website to download Form 4562 and Instructions.
  2. Use Form 4562 to:
    1. claim your deduction
    2. provide business/investing use of equipment
  3. Include Form 4562 in annual tax return

Additional Information:

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