Businesses that buy new equipment can take the Section 179 Deduction on their taxes. The Internal Revenue Service (IRS) manages this program.Section 179 is an immediate expense deduction business owners take for purchases of depreciable business equipment instead of capitalizing an asset. When you dispose of an asset with a section 179 expense deduction, the disposition isn't included on Form 4684, 4797, 6252, or 8824. Section 179 allows eligible businesses to deduct the full purchase price of qualifying equipment in the year it was put into service. Use IRS Form 4562, Depreciation and Amortization, to calculate and claim a Section 179 deduction. First enacted in 1958, Section 179 allows you to immediately deduct the cost of these assets during the year in which they are put into service.