Can I write off an entire tractor in one year?

The cost of a tractor can be fully deducted in one year under Section 179 of the IRS Code, which allows businesses to expense the full purchase price of qualifying equipment. To qualify, the tractor must be used more than 50% for business purposes and placed in service during the tax year. The maximum deduction limit for Section 179 is subject to annual adjustments, and the total amount of Section 179 deductions cannot exceed the total taxable income from the business. If the tractor does not qualify for Section 179, it may still be depreciated over several years using the Modified Accelerated Cost Recovery System (MACRS).