Time is running out to deduct up to 100 percent of the purchase price of new equipment in Paulding, OH, from your business's 2024 taxes. Under Section 179, certain vehicles put into service before the end of the year are eligible for up to 100 percent of the price of the vehicle being deducted. There are three categories of vehicles that qualify for Section 197 deductions; keep reading to learn more.
Vehicles with a Gross Vehicle Weight Rating Greater Than 6,000 Pounds
This category is for vehicles in Bryan, OH, with a primary commercial use and are eligible for up to 100 percent of the vehicle value being deducted. This includes Silverado 2500 and 3500 pickups, Silverado 1500 pickups with a standard or long bed, and chassis cab vehicles. If you have questions in Defiance, OH, before your business buys a new vehicle, consult your tax advisor for more details on what vehicle might qualify.
Other Vehicles with a GVWR Greater Than 6,000 Pounds
Having a GVWR over 6,000 pounds isn't the only qualifier; some vehicles in Van Wert, OH, can be used for commercial purposes while their typical use is not for business. This category includes short-bed Silverado 1500s, the Chevrolet Suburban, and some Chevrolet Colorado pickups. This category is eligible for up to $30,500 in deductions, plus up to 60 percent of the purchase price and the standard depreciation deduction. Again, consulting with your tax professional in Fort Wayne, IN, can help answer any questions.
Vehicles with a GVWR Less Than 6,000 Pounds
This category tends to be small SUVs and some small trucks. They are eligible for up to $20,400 in deductions. Again, your tax advisor can answer more questions regarding the eligibility of vehicles.
Contact Stykemain Chevrolet
If you are looking to expand your business in Hicksville, OH, contact Stykemain Chevrolet to schedule your test drive and browse our inventory.
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