For businesses, the Section 179 Tax Incentive was a way for business owners who acquire equipment to deduct the cost in a single tax year, rather than over a longer period of time. This deduction was introduced a number of years ago and was renewed in 2012, extending the expiration to the end of 2013. The incentive is not set to be renewed again, so it will expire on December 31, 2013. If you’re a business owner and are in need of a Green Bay vehicle, look no further than Dorsch. We have a number of vehicles to fit your needs.
Here is some information regarding this tax incentive according to Section179.org.
You may be eligible to write off a portion your vehicle for the total deduction for depreciation, with a minimum of $11,060 and maximum of the vehicles entire value, depending on your situation. To learn about whether or not you are eligible, contact your tax or financial representative.
- Vehicles like the ones listed here can be eligible for the incentive.
- Ambulance or hearse used specifically in your business;
- Taxis, transport vans, and other vehicles used to specifically transport people or property for hire;
- Qualified non-personal use vehicles specifically modified for business (i.e. van without seating behind driver, permanent shelving installed, and exterior painted with company’s name).
Limits for SUVs or Crossover Vehicles with GVWR above 6,000lbs
Certain vehicles (with a gross vehicle weight rating above 6,000 lbs but no more than 14,000 lbs) qualify for expensing up to $25,000 if the vehicle is financed and placed in service prior to December 31 and meet other conditions.
Buy now, before it’s too late!
This means, if you’re a business owner, you only have less than a month to take advantage of the tax incentive. Come on over to Dorsch Green Bay! We have some incredible deals on a huge selection of vehicles in-stock.
Please understand that the content in this blog is strictly for informational purposes. Before making any purchases, consult your tax professional to be sure you qualify for any incentive. Feel free to contact our Green Bay car dealer with any questions about vehicles.