IRS tax code Section 179 basically states that a business owner who purchases or leases equipment or software for work, can deduct the full purchase amount when they report their annual income come tax time. You can even count up to $1,000,000 of expenses to deduct as part of Section 179 or up to $2,500,000 on equipment purchases. The best part? That "equipment" can be the commercial vehicle you purchase. Businesses are allowed to depreciate 100% of the cost of eligible equipment bought or financed from September 27, 2017, through 2023.

*Any vehicle purchased from now until December 31, 2023 would be claimed for the 2023 tax year. You must use the vehicle for business purposes within the current tax year to qualify for the deduction.