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Your Business Vehicle Could Do More Than Just Getting the Job Done
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In massa tempor nec feugiat nisl pretium fusce. Ultricies leo integer malesuada nunc. Interdum varius sit amet mattis. Placerat in egestas erat imperdiet sed euismod nisi porta lorem. Ac feugiat sed lectus vestibulum mattis ullamcorper velit sed. Fermentum iaculis eu non diam. Quis imperdiet massa tincidunt nunc pulvinar sapien et ligula ullamcorper. In massa tempor nec feugiat nisl pretium fusce. Ultricies leo integer malesuada nunc. Interdum varius sit amet mattis. Placerat in egestas erat imperdiet sed euismod nisi porta lorem.
Put Your Purchase To Work
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Built For Business
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Know Your Eligibility
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Ready to Put Your Next Business Vehicle to Work?
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In massa tempor nec feugiat nisl pretium fusce. Ultricies leo integer malesuada nunc. Interdum varius sit amet mattis. Placerat in egestas erat imperdiet sed euismod nisi porta lorem. Ac feugiat sed lectus vestibulum mattis ullamcorper velit sed. Fermentum iaculis eu non diam. Quis imperdiet massa tincidunt nunc pulvinar sapien et ligula ullamcorper. In massa tempor nec feugiat nisl pretium fusce. Ultricies leo integer malesuada nunc. Interdum varius sit amet mattis. Placerat in egestas erat imperdiet sed euismod nisi porta lorem.
FAQs
What is Section 179?
Section 179 is a provision of the federal tax code that allows eligible businesses to elect to deduct the cost of certain qualifying property, including some business vehicles, from taxable income in the year the property is placed into service. Specific eligibility requirements and deduction limits apply.
Does the vehicle have to be used exclusively for business?
No. However, business-use requirements apply. For many vehicles considered listed property, the IRS generally requires more than 50% qualified business use to claim a Section 179 deduction. Your tax professional can determine how the rules apply to your specific vehicle and circumstances.
Are there limits on how much I can deduct?
Yes. Section 179 has annual deduction limits, and the deduction can begin to phase out when a business places more than a specified amount of qualifying property into service during the year. Additional limitations can apply depending on the type of vehicle and how it is used.
How do I know if my vehicle qualifies?
Eligibility depends on your specific vehicle, how it is configured, how it is used, when it is placed in service, and your business circumstances. Dillon GMC can help you explore available commercial vehicles, while your qualified tax professional can determine whether your purchase qualifies for Section 179 and how much you may be able to deduct.
How Can We Help?
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*Tax information provided is for general informational purposes only and is not tax, legal, or accounting advice. Section 179 eligibility, deduction amounts, business-use requirements, vehicle classifications, and other limitations vary by taxpayer and vehicle. Tax laws and limits are subject to change. Consult your qualified tax professional regarding your specific circumstances before making a purchase or claiming a deduction.