Do Used Cars Qualify for Section 179?
When the time comes for the next pre-owned Buick SUV, look no further than McGuire Buick GMC. In addition to their comfort and class, they may also benefit your business and qualify you for tax breaks. Let’s take a closer look at Section 179 qualifications to help you determine whether you may be eligible.
What is Section 179?
Understanding what’s in Section 179 makes it easier to determine whether you qualify. It’s a deduction that business owners can take on certain assets, specifically in the first year of ownership. It’s designed to offset the costs of depreciable assets, like cars, and is especially helpful for businesses just getting off the ground with costly vehicle purchases.
Do Pre-Owned Vehicles Qualify for Section 179?
One of the primary benefits of purchasing a pre-owned vehicle is the savings since pre-owned vehicles are less expensive than brand-new cars and have a lower depreciation rate. Section 179 can help business owners save even more on their next business purchase. The primary requirement for any vehicle under the Section 179 deduction is that it must be used for work more than 50% of the time, whether new or pre-owned. If you deduct a pre-owned vehicle, the deduction must be taken in the year it was purchased, and the car must be considered “new to you.”
Test-Drive Pre-Owned Buick Vehicles in Little Falls, NJ
When the time comes for your next pre-owned work vehicle, make McGuire Buick GMC your first stop. We’ll help you find the right vehicle for towing, safety, or connectivity, and you’ll be able to take every work drive with peace of mind – and significant savings. Learn more and take a test drive at our dealership.
Remember, we’re car dealers, not accountants. Discuss the financial implications of your purchase or lease with your accountant or tax professional.
What is Section 179?
Understanding what’s in Section 179 makes it easier to determine whether you qualify. It’s a deduction that business owners can take on certain assets, specifically in the first year of ownership. It’s designed to offset the costs of depreciable assets, like cars, and is especially helpful for businesses just getting off the ground with costly vehicle purchases.
Do Pre-Owned Vehicles Qualify for Section 179?
One of the primary benefits of purchasing a pre-owned vehicle is the savings since pre-owned vehicles are less expensive than brand-new cars and have a lower depreciation rate. Section 179 can help business owners save even more on their next business purchase. The primary requirement for any vehicle under the Section 179 deduction is that it must be used for work more than 50% of the time, whether new or pre-owned. If you deduct a pre-owned vehicle, the deduction must be taken in the year it was purchased, and the car must be considered “new to you.”
Test-Drive Pre-Owned Buick Vehicles in Little Falls, NJ
When the time comes for your next pre-owned work vehicle, make McGuire Buick GMC your first stop. We’ll help you find the right vehicle for towing, safety, or connectivity, and you’ll be able to take every work drive with peace of mind – and significant savings. Learn more and take a test drive at our dealership.
Remember, we’re car dealers, not accountants. Discuss the financial implications of your purchase or lease with your accountant or tax professional.