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Section 179 in the IRS tax code allows small to medium businesses to deduct up to the entire purchase amount on select equipment, such as vehicles from their gross income as an expense for the current tax year, providing immediate tax savings.
Commercial vehicles that have more than 9 passenger seats or have a fully enclosed drivers compartment and cargo area that is at least 6 feet with no seats in the back such as cargo vans, can qualify for the full deduction of the purchase price under section 179.
Vehicles such as crossovers or SUVS that weigh the manufacturer’s gross weight rating (GVW) of 6,000 lbs. – 14,000 lbs. can qualify for a deduction of up to $25,000.
The vehicle can be bought, leased, or financed and it does not have to be completely brand new. It can be used, just “new to you”.
Visit us today to find the perfect vehicle and take advantage of section 179 tax savings for your business!
Please consult your tax professional for more applicability of deduction and whether you qualify for the maximum amount available.