If you're a business owner in Wilmington NC looking to purchase new or used vehicles or equipment, the Section 179 tax deduction can provide significant savings. Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income.
What Vehicles Qualify for Section 179?
At Bob King Buick-GMC, we have a wide selection of new and used vehicles that may qualify for the Section 179 deduction. Heavy SUVs, pickups, and vans used at least 50% for business are eligible for the full deduction, which can be as much as 100% of the purchase price. If you own a business in Leland and are considering purchasing a vehicle, this deduction is definitely worth looking into.
Some passenger vehicles may also qualify, although they are subject to a deduction limit. However, many vehicles used for business in Castle Hayne, such as shuttles, taxis, and transport vans, qualify for the full deduction with no limits. Check with your tax professional to see what deductions your business vehicle purchase may be eligible for.
Combine with Bonus Depreciation for Even More Savings
In addition to Section 179, business owners in Burgaw can also take advantage of Bonus Depreciation, which allows you to deduct a percentage of the cost of your equipment and vehicles for the first year. When you combine Bonus Depreciation with Section 179, you can maximize your tax savings for an even lower net cost on your business vehicles.
Business owners in Southport looking to expand their fleet or upgrade equipment should certainly explore how Section 179 and Bonus Depreciation can reduce their taxable income and make these purchases more affordable. Consult with your accountant or tax advisor to see how much you could save.
Wide Selection of Eligible Vehicles at Bob King Buick-GMC
At Bob King Buick -GMC in Wilmington, NC, we offer an extensive inventory of vehicles that may qualify for Section 179 and Bonus Depreciation. From heavy-duty Chevrolet Silverado and GMC Sierra pickups to spacious passenger and cargo vans, you'll find the perfect vehicle for your Jacksonville, NC business needs.
Book Your Test Drive
So, don’t wait – visit us today. We'll work with you to find the ideal vehicle solution to help your St. James, NC business grow and succeed, while maximizing your tax savings. Visit Bob King Buick-GMC, WIlmington, NC to explore our selection of commercial vehicles and learn more about how Section 179 can benefit your business.