I bought a large truck for my business (>13000) at the end of 2022 and put in service at the start of 2023. It's a 100,000 truck. I only had 25,000 in profit before taking my Section 179 deductions. I also have two trailers worth 22K that I'm planning to section 179 this year. My question is:
My wife runs a successful business and has substantial profit. Will I benefit from depreciating the full amount of my truck in section 179 if I already have 22K in deductions bringing my taxable income down to 3K. Will the truck reduce our overall income (including my wife's)?
