The year is winding down and for any businesses that use a fleet of vehicles for work purposes, it's a good time to buy now before the end of the year if you're looking to expand your operations and lineup of work trucks or vans. This way you can benefit when it comes time for tax incentives, such as Section 179 vehicle deductions, and see some savings when you have to file.
What Qualifies for a Section 179 Deduction?
The Section 179 Deduction is offered to provide tax benefits for the purchase of business vehicles. It's dependent on many things like vehicle type, weight, and the build and intent of the vehicle, as well as the percentage of time it's used for business purposes. At our group of dealerships in the Cincinnati area, you can find brands like Chevrolet, GMC, and Ram, which includes trucks, vans, chassis cab choices, and more. Find complete details of qualifying vehicles here.
If you're going to buy to add to your work vehicle lineup, make sure to ask us to finance it with Section 179 Qualified Financing, and ensure that the vehicle is titled in the company name. If you're using your vehicle for business purposes at least 50 percent of the time, you should qualify for these incentives. There are deductions for work-use-only vehicles, partial deductions for vehicles that exceed 6,000 pounds of Gross Vehicle Weight Rating (GVWR), and other options that our team can help you with as we have commercial vehicle experts ready to assist you.
Learn More About the Section 179 Deduction Today
Whether you're buying a new work truck or van, or one of the pre-owned options available at our stores in Kentucky, Ohio, and Indiana, we're here to help you so you can benefit and receive all the tax benefits for your business when you file your federal and state taxes this year. Work with your tax advisor to learn more.