Your Tax Dollars At Work
Tax season is coming up, and in order to take advantage of new vehicle write-offs, you need to put your vehicle into service prior to Dec 31. Wilder Commercial Vehicle Sale carries multiple brands for you to choose from for your commercial and fleet sales needs, including RAM work trucks, ProMaster® work vans, and Nissan Commercial cargo vans to take advantage of the 100% tax write-off. Or put any light duty car, truck, or SUV into service and take up to $18,100 off your tax bill. See your tax adviser for full details on what level of write-off you qualify for, then come see WIlder to make your selection!
Thanks to the IRS Section 179 tax code, many small business that invest in new equipment can now write off a large portion of the value of the vehicle purchases price on their IRS tax returns. Normally, businesses spread these deductions over several years. But now, with the tax benefits provided under IRS Section 179, many small businesses can write off up to the entire purchase cost of one or more qualifying new Commercial Heavy Duty trucks or vans, or up to $18,100 on ANY new car, truck or SUV put into service by the end of the year.
2] This information is not intended as legal advice. Not all businesses will qualify. Please consult your tax professional to determine your deductions prior to purchase of any vehicle.
It gives you a chance to deduct up to $25,000 of a qualifying vehicle from your business's gross income during that tax year-all at one. In some cases you may even be able to deduct the full purchase price of your vehicle. (Please consult your tax professional to find out if you qualify for the full amount). It's especially helpful for small businesses who want their tax savings right away, rather than receiving them bit by bit over time through depreciation. It gives many businesses the financial leeway to purchase vehicles they need right away, rather than waiting.
You may qualify if you:
Are a business that purchased or financed new or used business equipment - including business-use vehicles - during the 2020 tax year
Put this equipment into service between January 1, 2020 and December 31, 2020
Used this equipment for business purposes more than 50% of the time
Spent less than $3,500,000 on this equipment
These are the limits on claiming this tax savings: