Tax season presents a unique opportunity for businesses to enhance their fleets and reduce taxable income. At our Chevy dealership near Chambersburg, we are committed to helping local businesses take full advantage of the Section 179 tax deduction. This IRS tax code allows businesses to write off the full purchase price of qualifying vehicles, provided they are used for business purposes at least 50% of the time.
Learn everything you need to know about Section 179 tax savings and don't hesitate to upgrade to a new vehicle for your fleet.
Understanding Section 179 Tax Savings
The Section 179 tax deduction is designed to support small- and medium-sized businesses by allowing them to deduct the cost of qualifying equipment and vehicles. This can be applied to new Chevy vehicles or used trucks. Here's a breakdown of the key limits and specifics for the 2024 tax year:
- Deduction Limit: Businesses can write off up to $1,220,000.1
- Spending Cap: The total amount spent on eligible equipment cannot exceed $3,050,000.1
- 2024 Bonus Depreciation: 60%1
- This tax benefit enables a business to deduct a substantial percentage of the purchase price of qualifying assets immediately.
- Typically claimed after the Spending Cap is achieved.
- Applicable to both new and used vehicles.
- Eligibility: Vehicles must be purchased and put into service by December 31, 2024.1
Eligible Chevrolet Vehicles for Section 179
Greencastle Chevrolet offers a range of vehicles that qualify for the Section 179 tax deduction. Whether you're looking for robust trucks or versatile vans, our inventory includes options that can enhance your business operations:
- Chevrolet Silverado 1500
- Chevrolet Silverado 2500HD
- Chevrolet Silverado 3500HD
- Chevrolet Express Cargo Van
- Chevrolet Express Passenger Van
These vehicles are not only eligible for Section 179, but also come equipped with the durability and performance needed to meet your business demands.