YOU DESERVE A BREAK THIS TAX SEASON
The Section 179 Deduction was enacted as part of the IRS Tax Code in 2008 to help small business with their vehicle and equipment purchases. This law allows commercial and fleet customers to claim the full purchase price of certain GMC Vehicle totaling up to $1,000,000 (for eligible vehicles) as a tax deduction. ****
News Alert: Section 179 Increased to One Million in 2018
Jan 2, 2018 – With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 increases to $1,000,000 for 2018 and beyond. The limit on equipment purchases likewise has increased to $2.5 million.
Further, the bonus depreciation is 100% and is made retroactive to 9/27/2017 and good through 2022. The bonus depreciation also now includes used equipment.
See our fully updated 2018 Section 179 Calculator to see how this tax deduction affects your company.
The qualifying vehicle must be purchased and placed into service between January 1, 2018, and December 31, 2018. It must be used at least 50% for business, based on mileage, in the first year it is placed in service.
What Vehicles Qualify?
Trucks with a GVWR greater than 6,000 lbs. and a bed length of at least six feet qualify for the maximum first-year depreciation deduction of up to the FULL PURCHASE PRICE. SUVs, including trucks, with a bed length of less than six feet and a GVWR greater than 6,000 lbs. qualify for a maximum first year depreciation deduction of up to the first $25,000 of the full purchase price plus 60% depreciation of any remaining balance.
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