Does your business near Allentown need vehicles to operate? Luckily, you might be able to use the Section 179 Tax Break to save on the full or partial costs of qualifying vehicles! Keep on reading to find out more about what this deduction includes and which vehicles are part of this deduction from Raceway Chevrolet. Let’s grow your business today!
The IRS first made the Section 179 Tax Code to help small and medium businesses grow, but businesses of all sizes can use this tax deduction now. Businesses that need vehicles to expand may be able to save on commercial vehicles and other qualifying equipment up to a total of $1,000,000! Whether you are looking at new, used, or even certified pre-owned vehicles near Easton, you may be able to use the Section 179 Tax Code towards your purchase.
How do you claim this deduction for the vehicles bought within the current tax year? Make sure the title of all of the vehicles are registered in your business’s name and they must be placed in service by December 31, 2021!
Let us break down the qualifications that this tax deduction requires:
If you want to buy a passenger Chevrolet truck or SUV instead of a commercial vehicle, your purchase may still be eligible as long as the vehicles are used for business purposes at least 50% of the time. However, if they are never used for business purposes, then their depreciation limits will be reduced by a corresponding amount. You should know that the full Section 179 expense deduction with Bonus Depreciation is maxed at $11,160 for cars and $11,560 for vans and trucks. A few exceptions include:
Here’s a list of some of the qualifying Chevrolet commercial vehicles:
If you’re unsure if a particular model qualifies, just reach out to us!
Want your business in Middletown to flourish? Contact Raceway Chevrolet to see if you qualify and we can help you get started!