If you want to buy a new vehicle for your business in Raleigh, now is the time. Any vehicle purchased and put into use before the end of the year is eligible for up to a 100 percent deduction from your business's 2024 taxes.
What is Section 179
IRS Tax Code Section 179 defines what vehicles businesses in Wake Forest can write off on their taxes and how much can be written off. Section 179 defines three categories of commercial vehicles and the corresponding deductions available for those vehicles.
Vehicle Categories and Deductions
Vehicles eligible for a Section 179 deduction are divided into three categories based on gross vehicle weight rating and utility. What class does your business need in Garner?
Vehicles with a GVWR over 6,000 pounds with a clear commercial use
This category includes Silverado 1500 and Heavy Duty pickups with a standard or long bed. Silverado 3500 chassis cabs are also in this category. Cargo and passenger vans with seating for ten or more are also included.
Other vehicles with a GVWR over 6,000 pounds
This category is for Silverado 1500 pickups with a short bed, SUVs, and vans with seating for fewer than ten.
Vehicles with a GVWR under 6,000 pounds
This category has many variables, and it would be helpful for you to consult with a tax professional.
Visit Universal Chevrolet
If you want to purchase a new truck, SUV, or van for your business in Clayton, now is the time. Universal Chevrolet has a great inventory of commercial vehicles for you to browse. Having the vehicles in stock means you have plenty of time to start using your new purchase before the end of the year, making it eligible to be deducted from your 2024 taxes. Contact us today to schedule a test drive.