When you buy a commercial vehicle for your small business, you can use the purchase as a tax deduction. Small businesses can use the Internal Revenue Service’s (IRS) Section 179 tax deduction program for this purpose. What is Section 179? Our professional team at Western Slope Toyota can help you learn about how you can use this tool and save money for your business.
The final purchase price of qualifying software and equipment — up to $1,000,000* — that your company acquires during the calendar year can be deducted by your business from the gross income. The Section 179 tax break allows a business to deduct the amount equal to the full purchase price of qualified software and equipment purchases. Your local Grand Junction Colorado Toyota dealer wants you to know that you’ll be able to earn money back when you file your taxes at the end of the year.
The Section 179 tax break brings a significant benefit for your commercial trucks, vans, and other vehicles. Section 179 qualifies when they are used for greater than 50 percent of the business purpose. The Section 179 tax deduction and the 100 percent bonus depreciation, which now incorporates used equipment, are included in your cumulative depreciation deduction. Larger businesses generally apply bonus depreciation when they meet or exceed the Section 179 spending cap.
Your local Toyota dealership is stocked with a fleet of trucks and other vehicles that can qualify for the Section 179 deduction. The Toyota Tundra offers powerful hauling and tough qualities for the job site. The Toyota Tacoma is great on all terrains when you have to venture off-road to locations under construction. Please visit Western Slope Toyota for more information about how our vehicles can be used for your business and how you can benefit from the Section 179 tax break.
*See your financial consultant for more details.