As we embark on the journey into 2024, business owners relying on commercial and fleet vehicles are gearing up for tax season. There are many tax benefits and codes to optimize your deductions. One is Section 179. This is for work trucks and vans that were purchased in the last year, and at Luke Fruia Motors we are here to assist you in determining if your vehicle qualifies and explain the benefit.
Here's what you need to know about Section 179 for your business taxes:
- Your vehicle is eligible to have some of its costs written off if you purchased a new GMC work truck or van that you use over 50 percent of the time for business activities.
- Vehicles that qualify include work trucks and vans (without rear seating), passenger vans or vehicles with seating for nine or more, along with construction vehicles, and other specialized vehicles used for work in industries and trades.
- Vehicles must have weight guidelines of between 6,000 to 14,000 pounds to be eligible.
- When you use Section 179, you cannot use the standard mileage deduction in the same fiscal year.
- Section 179 does not apply to those who use their vehicle for Uber, Lyft or DoorDash, as that is a separate tax code deduction.
We have trucks and vans available that are eligible, including the GMC Sierra 1500 and Sierra HD. There's also the Savana work vans. These aid businesses across Brownsville, San Benito, Harlingen, Rancho Viejo, Port Isabel and Los Fresnos, and our team can showcase new GMC vehicles available for commercial use.,/p>
To get started and to find out more about Section 179 and whether a vehicle you purchased in 2023 is eligible, contact us at Luke Fruia Motors and we can answer your questions.
Categories:
New Inventory