Section 179 Tax Deduction for Vehicles
There's nothing we love more than watching fellow local businesses thrive. That's why we want you to take advantage of tax benefits when you buy a GMC or Chevy to use for work through Section 179. With the Section 179 tax incentives, you can deduct up to 100% of your equipment purchase when reporting business expenses on your annual costs during tax season. This rebate applies to vehicles purchased during 2022 and put into service before December 31, and there are a few guidelines you must follow. Discuss which GMC and Chevy models are eligible for the Section 179 tax deduction at our Chevrolet dealership near Albany, then meet with your accountant for details on how to claim these savings.
2022 Section 179 Tax Deduction Details
- Total annual deduction: Up to $1,080,0001
- Section 179 deduction limit: $11,160 for cars (including Bonus Depreciation)1
- Section 179 deduction limit: $11,560 for trucks and vans (including Bonus Depreciation)1
- Bonus Depreciation: 100%1
2022 Section 179 Vehicle Requirements
- Used for business purposes at least 50% of the time1
- New or new-to-you (pre-owned qualifies)
- Purchased, not leased
- Vehicle must be delivered and put into service by 12/31/20221
Vehicles Eligible for Section 179
We have a variety of vehicles that meet the Section 179 requirements including new Chevy vans and GMC trucks. Plus, you can claim this tax deduction on new-to-you models that you purchase in 2022. Some of the GM vehicles that are eligible for Section 179 incentives include:
- Chevrolet Silverado models
- Chevrolet Express models
- Chevrolet Suburban
- Chevrolet Tahoe
- GMC Savana models
- GMC Sierra models
- GMC Yukon
- GMC Canyon
GMC & Chevy Trucks near Albany, GA
If you want to capitalize on Section 179 tax breaks this year, contact Parker Chevrolet GMC to set up a test-drive. There's never been a better time to upgrade your company car or work trucks, whether you want a luxurious new Vehicle for a long commute or a used Chevy Silverado 2500HD for big jobs. We're conveniently located for business owners from Albany, Tifton and beyond, so make your way to our Ashburn GMC dealership to buy the fleet vans or commercial trucks you need to take your operations to the next level.
1 See dealer for details.