-- MJ Truck Nation, a full-service commercial truck dealership in West Palm Beach, South Florida, recently announced that the 2020 IRS 179 Tax Code (also known as Section 179) allows for truck drivers to deduct the full price of a purchased or leased qualified Work Truck. The dealership also disclosed its extensive inventory of new and used commercial vehicles that meet the criteria for the deduction.
“2020 has been an unprecedented year for truck drivers, hitting some below the belt while being profitable for others,” stated an MJ Truck Nation representative. “Regardless of how it has affected them, the way in which they handle their 2020 tax return is sure to make a big difference, one way or the other.”
The MJ Truck Nation spokesperson went on to explain that a number of truck drivers are not aware that because of the 179 Tax Code, they are eligible to lower their taxable income by claiming the price of a qualifying commercial truck.
“Many truckers think that filing Section 179 is complicated or not worth the effort,” he added. “Nothing could be further from the truth.”
A recent blog on MJ Truck Nation website explained that the IRS 179 Tax Code paves the way for business owners and independent contractors, including truck drivers, to deduct the total price of purchase of a qualifying commercial truck when leased or purchased in the 2020 tax year. By taking the deduction, the Taxable Gross Income is reduced which is the goal for most taxpayers.
The goal at tax time, for those in the trucking industry, is always to reduce Taxable Gross Income since taxes are paid on Adjusted Taxable Income which is your income after qualified deductions.
Truck drivers, like other small business owners, are entitled to deductions and incentives that are set into place for them through Section 179, otherwise known as the IRS 179 Tax Code. While there are a handful of tax codes that allow business owners to write off business expenses, Section 179 is the ultimate for optimizing deductions and maximizing incentives.
“Filing the 2020 IRS Section 179 was surprisingly easy and remarkably beneficial,” stated J.D. Spor, a Colorado-based truck driver. “I’m thrilled to have a new truck and to owe fewer taxes because of buying it.”
To qualify for the 2020 tax season, the Commercial Truck must be purchased or financed between January 1, 2020, and December 31, 2020. In order to qualify, the vehicle must be used for business at least 50% of the time.
To find out more about the 2020 IRS Section 179 Tax Code or to view their inventory of qualifying commercial vehicles, visit MJ Truck Nation’s website at www.mjtrucknation.com.
Release ID: 88989400