MIDVALE, Utah, Nov. 14, 2016 /PRNewswire/ -- The end of the year is near, but there's still plenty of time for companies to reap the reward offered by the tax rules governing the purchase or lease of trucks, construction equipment, and other commercial capital expenditures. Photo - http://photos.prnewswire.com/prnh/20161111/438412 The time is right for tax savings. Under its Section 179 deduction regulations, the IRS provides tax relief for businesses that invest in capital. The Section 179 rules apply to the purchase of a range of business equipment, including commercial trucks or heavy construction equipment that are purchased and put into use during the current tax year. That means that if a company finances a truck before the end of the year, they'll be able to take advantage of tax savings that will have an impact on a business' balance sheet for the entire year. Get that new semi truck rolling by the end of the day on December 31, and it qualifies. It's a great idea for small businesses. The Section 179 rules were written specifically with small businesses in mind, and they provide a real benefit for the companies that need it the most. The limit for write-offs in a single year is $500,000, and the deduction begins to phase out when a company spends more than $2,000,000 per year on equipment. That limits the rules' effectiveness for large companies, but the limits keep the deduction working for small companies that will see the greatest benefits from it. It's a solid boost to your bottom line. Buying a truck now and writing off the vehicle's depreciation and interest expenses over time will help reduce a tax liability in the long run, but the Section 179 rules offer a deduction strategy that can help businesses even more. Under the section's rules, if a vehicle is bought or financed through a qualifying lease, the company can write off the full value of the vehicle in the year that it puts it into service.