At Bob King Buick-GMC, we have quality GMC commercial trucks and vans here at our dealership. When you purchase these for business needs, you have the opportunity to utilize tax savings when you file your taxes in the coming year. With the Section 179 tax incentives, you can find plenty of benefits, and we're here to help you learn what it means, and how it applies to your business needs.
With GMC Sierra HD work trucks and Savana cargo vans you'll find lots of options as brand new choices, or a pre-owned "new to you" option can apply for the Section 179 tax benefit. These are used for business vehicles that follow these guidelines:
- Any truck or van must be used more than 50 percent of the time for business use, and you can only deduct what is used for work
- there are weight requirements that the vehicle be in between 6,000 to 14,000 Gross Vehicle Weight Rating (GVWR)
- You cannot write off the purchase price of your new truck or van and also claim standard mileage deductions in the same year
- You cannot deduct more than your business's net income for the year
You can find out if your business is eligible for this tax incentive, as most trades and industries are. One notable exception to this is that rideshare services like Uber or Lyft are not eligible. We can guide you through the whole process here at Bob King Buick-GMC where our team would be happy to highlight current options as there's still time to purchase a work truck or van and receive this deduction by year's end, or point you in the right direction on how to find out if you're eligible. Contact us today to learn more.