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You deserve a tax break! Now, under Section 179 of the IRS tax code, small businesses may be eligible to write off up to $1,040,000 on their 2020 IRS tax returns that was spent on vehicle and equipment purchases for their business.
There has never been a better time to buy a new Chevrolet vehicle for your business! The qualifying vehicle must be purchased and placed into service between January 1, 2020 and December 31, 2020.
The vehicle must be used at least 50% for business in order for it to follow under the Section 179 deduction. Use the Section 179 tax deduction calculator to multiply the cost of the business vehicle you purchase by the percentage of business-use to arrive at the monetary amount.
Up to 100% of purchase price*
*(no per-vehicle or aggregate limitation)
†With 2.8L engine and 4WD
Up to $18,100 per vehicle
*(no aggregate limitation)
†All except with 2.8L and 4WD
Speak to your tax professional today to see how Section 179 can help you. For more information visit https://www.chevrolet.com/tax-deductions or https://www.section179.org/ or contact one of our team members at Grieco Chevrolet Fort Lauderdale. Whether you need new Chevy Heavy Duty trucks for heavy lifting or a new Chevy SUV to make work trips better than ever, you’ll find it all at Grieco! We look forward to serving you with all of your vehicle needs.
The tax incentives are available for depreciable tangible property that is acquired by purchase for use in the active conduct of a trade or business. Additional limitation based on purchases. Certain vehicles, models, and restrictions apply. Each individual’s tax situation is unique; therefore, please consult your tax professional to confirm vehicle depreciation, deduction, and tax benefits. For more details, visit irs.gov or https://www.section179.org/.
