Section 179 Tax Deduction
Business Tax Deduction Up To $1,160,000!
Welcome to our GMC dealership in Calais, where we offer valuable insights into the 2025 Section 179 tax deduction and everything it entails. By visiting our dealership near Machias, Bangor, and Princeton , you will be able to explore the latest models available in our inventory. Our knowledgeable sales team can guide you through the various features and benefits of each vehicle, helping you select the one that best suits your business needs. In addition to our wide selection of vehicles at Pratt GMC, we also have a team of experts who can inform you about the Section 179 tax deduction and how it can benefit your business. Our team at Pratt GMC can guide you through the qualifying criteria, calculate the potential tax deduction, and provide guidance on how to maximize the advantage of this tax incentive.
What Is Section 179?
To be eligible for the Section 179 tax deduction, your business must have purchased or financed qualifying equipment during the tax year. This includes vehicles, machinery, software, furniture, and other tangible property. Eligible businesses can use the Section 179 tax deduction to deduct the cost of machinery and certain equipment during tax filing — including vehicles. The initiative, enacted by the U.S. government, was developed to assist small- to medium-sized businesses in reducing their tax burden.
SUVs and trucks like the new GMC Sierra are eligible. New and used commercial vehicles of GMC also qualify, giving businesses a wide range of options for tax savings.
Which Vehicles Are Eligible for Section 179?
Maximize your savings when you buy a car, truck or tax-eligible new car from us. If you're uncertain about the eligibility criteria for Section 179 or if the commercial vehicle you're considering is covered, we're ready to go over the complete list of qualifying options.
Most of the new GMC vehicles in our inventory are eligible for the Section 179 tax deduction. You can select the vehicle you want and take help of our knowledgeable staff to find the right vehicle.
What Are the Limits of Section 179?
The 2023 Section 179 tax deduction limit is $1,160,000 — an escalation from the previous year. Whether you acquire a new commercial truck in Calais, finance a used or lease a qualifying GMC model, it's crucial that the vehicle purchased or leased is new to your business. Concurrently, the Bonus Depreciation for the current tax year is 80%.
To qualify for Section 179 this year, the vehicle must be engaged for business purposes more than 50% of the time and must be put into service before December 31, 2023. The vehicle's title must also be under the business' name. Additional limits apply to passenger vehicles used for business purposes, so visit us today to learn all you need to know about the Section 179 tax code.
Commercial GMC Dealership Near Me
So, if you're a business owner looking to take advantage of the 2023 Section 179 tax deduction, visit our Pratt GMC in Calais today. We look forward to helping you make informed decisions and maximizing the benefits of this valuable tax incentive. Contact us at 855-908-7081 if you have any questions.