As a business owner, you're always looking for ways to save money and reduce your tax burden. One of the best ways to do this is by taking advantage of Section 179 of the IRS tax code. This powerful tax deduction allows you to write off the full purchase price of qualifying vehicles and equipment in the year they are put into service rather than depreciating them over several years.
So, which vehicles qualify for the Section 179 deduction? The good news is that a wide range of vehicles used for business purposes can be eligible, including many commercial trucks and vans. This encompasses vehicles like cargo vans with fully enclosed driver's compartments, heavy trucks and SUVs over 6,000 pounds gross vehicle weight rating (GVWR), and certain shuttle vans that can seat nine or more passengers behind the driver. If you're a business owner in Doylestown, investing in a commercial vehicle that qualifies for Section 179 can lead to substantial tax savings.
Both new and used vehicles can be eligible for the deduction, as long as they are new to you and put into service in your business for the first time in that tax year. To qualify, the vehicle must be used for business purposes more than 50 percent of the time. Business owners in Warrington can benefit significantly by choosing a commercial vehicle that falls under the Section 179 umbrella.
Importantly, the Section 179 deduction is claimed in the tax year that the vehicle is put into service. This means you don't have to wait to realize the tax savings. Perkasie entrepreneurs can take the deduction for the full purchase price of a qualifying commercial vehicle in the first year, which can provide a major boost to cash flow.
At Fred Beans Ford of Doylestown, we have a great selection of new commercial vehicles that may qualify for the Section 179 deduction. Our knowledgeable sales team can help businesses in Quakertown and surrounding areas choose the right vehicle to take full advantage of these tax incentives. With potential savings of many thousands of dollars, it's well worth exploring if a commercial vehicle purchase makes sense for your business.