Your Small Business May Qualify for a 2017 Tax Deduction of up to $510,000
All Your Hard Work Is about to Pay Off
As a small business owner, you deserve to take advantage of this year’s tax incentives. This is the perfect opportunity to expand your business and watch it flourish. What better way to do so than adding to your already impressive fleet. As one of the largest Chevy dealers in New England, you’ll have a wide selection of commercial vehicles and uplift.
Small business owners are eligible to receive up to $510,000 in tax decoctions on qualifying purchases (buy or lease). Before your purchase, please review your vehicle depreciation deduction and tax benefits with a tax professional. Both new and used vehicles qualify. This offer expires on 12/31/2017.
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Section 179 Deductions at a Glance
Some believe Section 179 Deductions is a complicated. However, this is a common misconception. As you will read, this tax code is simple and easy to understand.
In short, this IRS tax code allows businesses to deduct qualifying equipment and/or software purchased or financed during a given tax year. In terms of commercial and fleet vehicles, small business owners can deduct the full purchase price from their gross income. The reasoning and motivation behind this is to encourage growth through investments. In recent years, people have found loopholes and abused Section 179 Deductions. This was later dubbed the “SUV Tax Loophole”. Because of this, our government has placed limits and restrictions on qualifying vehicles. Be sure to check the list above to confirm the eligibility of your desired commercial vehicle.
Here Are Some Brief Guidelines under Section 179 Deductions
- All businesses that purchase, finance and/or lease less than $2,000,000 in new or used equipment during the tax year 2017.
- Including, but not limited to, tangible goods including “off-the-shelf” software and vehicle used for business
- Purchased or financed equipment and software must be placed into service between January 1, 2017 and December 31, 2017
For a complete understand of Section 179 Deductions, please consult your tax professional.