Need a Tax Write-Off?
Money doesn’t grow on trees, so why should you hand it over to the government? After all, that money could be spent investing in yourself and your business by purchasing tools that make your job easier, more profitable, and more comfortable. Heavy Duty trucks, SUV’s, and vans are built to knock out the toughest of tasks, and Uncle Sam has some very helpful programs to assist you in paying for them. That’s where Section 179 and the Tax Cuts and Jobs Act can help you pocket more of your own money.
With the TCJA, you’re able to qualify for 100% first-year bonus depreciation.
We know the importance of having a reliable vehicle to knock work out. We’re from the country, and our team understands that perspective far better than any city dealership possibly could. The TCJA expires in 2022, so time is running out for this game-changing method of writing off more of your income while also getting a shiny new or new to you machine.
How does Section 179 work?
Basically, it means you can write off the purchase price (for your business) on the heavy duty truck, SUV, or van you need to do your job. That means you can get the powerful new work truck you need while “bringing down” your income for the year, as far as taxes are concerned.
This works for up to $1,040,000 of purchases, so there’s plenty of room in that figure to find you the eligible truck or van you need.
We keep a full inventory of work-ready trucks on the lot, so you’ll have no shortage of options to choose from. PowerStroke, DuraMax, and Cummins are all options we’re proud to carry at Vance Auto Group
Section 179 does NOT apply to…
Light duty trucks are not covered under TCJA, which is alright, because a light duty truck doesn’t have nearly enough heft to accomplish the work you need done.
It takes a truck with 6-feet or more of bed length to qualify, with another stipulation being that the bed cannot be easily accessible from inside the cab. In other words, a full-sized bed is good to go as far as section 179 is concerned.
You can’t buy a Ford Ecosport for a farm truck (at least under Section 179), but we’re not sure why you’d want to in the first place.
What does Section 179 apply to?
Vehicles with a GVW (gross vehicle weight) of 6,000+ OR 6-foot bed (for a pickup truck).
Large SUV’s and passenger cars used primarily for business are also usually acceptable, but with certain hoops that need to be jumped through to ensure Section 179 benefits you fully. (Visit IRS.gov for more details on what qualifies)
The catch is, however, that you need to take ownership of your new truck, SUV, van, or passenger vehicle before the end of the year for Section 179 to help “reduce” your income for 2020. Time is running out, but we’re here and ready to help at all of our dealership locations through the new year. We’ll be seeing you soon.
Find your next work truck, SUV, or passenger car at your local John Vance Auto Group Dealership
*Consult with your tax advisor before purchasing*