Your Guide to the Section 179 Tax Deduction

Your Guide to the Section 179 Tax Deduction

As a business owner, you're always looking for ways to save money and reduce your tax liability. One of the most effective ways to do this is by taking advantage of the Section 179 tax deduction when purchasing qualifying business vehicles. At Copeland Chevrolet Hyannis, we're here to help guide you through understanding and utilizing this valuable tax break.

What is Section 179

So, what exactly is the Section 179 deduction? In simple terms, it allows businesses to deduct the full purchase price of qualifying equipment, including vehicles, from their gross income in the year the vehicle is placed into service. This is instead of capitalizing and depreciating the cost over several years. For many businesses in Hyannis, MA, and the surrounding areas, this can lead to substantial tax savings.

Qualifying Vehicles for the Section 179 Deduction

To qualify for the Section 179 deduction, the vehicle must be used for business purposes more than 50% of the time and put into service in the same year the deduction is being claimed. Passenger vehicles may also qualify, but have caps on the deduction amount, while heavy vehicles and those with certain characteristics have no deduction limit. Our team at Copeland Chevrolet in Hyannis can help you determine which vehicles qualify and the expected deduction amount to assist in your purchase decision.

Some common examples of qualifying vehicles include:

• Pickup trucks
• SUVs and crossovers
• Vans and minivans
• Specialist utility vehicles

Benefits for Businesses Across Cape Cod

If your business is located in Bourne, MA, or Barnstable, MA, you'll be happy to know that you can take advantage of these tax savings by purchasing or leasing a qualifying commercial vehicle from Copeland Chevrolet. We proudly serve various communities throughout the Massachusetts area and are conveniently located, offering a wide selection of vehicles to meet your business needs. We've helped many businesses in various cities upgrade their fleets in a tax-advantaged way.

The same goes for our neighbors in Dennis, MA, or Cape Cod, by deducting the full cost of a qualifying vehicle purchase, which has helped them invest in their company's transportation and specialty equipment needs while keeping more of their hard-earned profits. Businesses of all types and sizes use the Section 179 deduction to expand and update their vehicle fleets. Whether you're an established enterprise or a new small business, this tax incentive is a powerful tool to help you save money and optimize your transportation capabilities.

We recommend speaking with a tax professional to assess your specific situation and eligibility for the Section 179 deduction. With proper planning and record keeping, many businesses can write off the full cost of qualifying vehicle purchases from Copeland Chevrolet in the first year.

Claiming the Section 179 Deduction

It's important to note that to claim the Section 179 deduction, businesses must keep thorough records of the vehicle purchase and its business use percentage. At Copeland Chevrolet Hyannis, our commercial sales team is well-versed in the requirements and can provide guidance on the documentation needed.

Partner with Copeland Chevrolet Hyannis for Your Commercial Vehicle Needs

If you're starting your own business or are looking to expand your commercial fleet, now's the perfect opportunity to save substantially on your business vehicle investments. Visit Copeland Chevrolet Hyannis anytime to explore our extensive inventory of commercial vehicles and learn more about how your business can benefit from the Section 179 tax deduction. Over the years, we've helped many companies, and we can help you too secure the transportation solutions you need while taking full advantage of this valuable tax break.