Save with the Section 179 Tax Deduction in Johnston, RI
If you own a small- to medium-sized business, you know that a penny saved is a penny earned, every penny counts, etc. It’s imperative that you have all the equipment you need to help your business run smoothly, but sometimes the costs can be a little too much for your company to take on. That’s when the Section 179 Tax Deduction comes in handy. This deduction was specifically designed to help small businesses flourish, as it allows business owners to write off up to the full purchase price of qualifying equipment. Eligible equipment includes new Chevrolet and GMC vehicles, such as commercial vans, trucks and fleet vehicles. This year, businesses can write off up to $510,000 for vehicles purchased prior to December 31, 2017. That means there’s still time to buy a new GMC Sierra 1500, Chevy Silverado or any other vehicle your company needs to succeed next year. Visit our GMC and Chevrolet dealership in Johnston, RI, and our finance experts will help you navigate the Section 179 Deduction.
For a new Chevy or GMC purchase to qualify for the Section 179 Tax Deduction, it must be used for business purposes at least 50% of the time. The vehicle must be purchased in the company’s name, not the business owner’s name. However, both the business owner and the company need to be in good credit standing. The company must also have been founded in the year 2014 or earlier and have been in business for at least two years.
1Total deduction per vehicle. Offer expires 12/31/17.
2Total deduction (aggregate, no per vehicle purchase limit). Offer expires 12/31/17.
3For vehicles that qualify as passenger automobiles under the Internal Revenue Code, there is a $11,560 per-vehicle depreciation deduction cap for certain SUVs, trucks, and vans placed in service during 2017.
4For vehicles that qualify as sport utility vehicles, including certain trucks and vans, under the Internal Revenue Code, the maximum amount that may be expensed is $25,000 of the total purchase price. The $25,000 expense cap contributes to the $510,000 dollar limit and $2,030,000 investment limit under Section 179.