Save with the Section 179 Tax Deduction near Bangor, ME

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Save with the Section 179 Tax Deduction near Bangor, ME

When you own a small- or medium-sized business, you know that sometimes you have to get crafty when pinching your pennies. Each dollar counts, and you'll do everything you can to make your business a success. That's why it's important to invest in the tools and equipment you need to keep your business running each day. When you take advantage of the Section 179 Tax Deduction, you can deduct the full purchase price of qualifying equipment purchased during the tax year, allowing you to save big. Businesses can write off the full amount of qualifying equipment in the 2017 tax year, up to $500,000. New vehicles, such as commercial trucks, vans and fleet vehicles are also eligible for the Section 179 Tax Deduction, with some guidelines. Learn more about how you can save on the vehicles your business needs to thrive at our car dealerships near Bangor, ME!

Whether you're shopping for a new commercial truck before the year ends or you bought a fleet of sedans for your business earlier this year, there's still time to save through the Section 179 Tax Deduction. New equipment must be financed and in place by midnight on December 31, 2017 to be eligible. That means that you still have a chance to visit our Ram dealership in Waterville, ME, to purchase a new Ram pickup for your business, or head to our Chevy dealership in Waterville, ME, to buy a new fleet of cargo vans if that's what you need.

Ram 1500 on the farm 

To qualify for the Section 179 Tax Deduction this year, your business must have been founded in 2014 or prior, and it must have been in business for at least two years. In addition, both the owner of the company and the company itself need to be in good credit standing. The vehicle or vehicles you buy must be used for business at least 50% of the time, and they need to be purchased in the company's name, not the business owner's name. For cars, the total deduction for depreciation including the Section 179 and Bonus Depreciation is limited to $11,060. For trucks and vans, the limit is $11,160. With Vans, trucks and SUVs with a GVWR over 6,000 pounds, you can expense up to $25,000. In order to take full advantage of the Section 179 Tax Deduction, your businesses vehicle must be one of the following:

silverado work truck 

How do you know if you qualify for the Section 179 Tax Deduction?

Here is some info you should know:

  • A classic cargo van that has the driver's cabin completely closed off and no rear seating.
  • A commercial van with seating for nine or more passengers behind the driver.
  • A heavy, non-SUV vehicle with more than six feet of interior cargo space that can't be easily accessed from the passenger area, such as a full-sized pickup truck with cargo bed.

 

You can learn more about the Section 179 Tax Deduction at any of the Central Maine Motors car dealerships in Waterville, ME. Let us help you reduce your business' expenses this year!

*See dealership for complete details.