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Tax time is approaching and you could use a new business vehicle, well you’re in luck! Did you know, you can get a federal tax deduction when you purchase a qualifying vehicle for your business? Tax code 179 of the IRS allows businesses to deduct the full purchase price of qualifying equipment during the tax year. Walser Nissan in Burnsville has a great selection of inventory for all your business needs. Stop by Walser Nissan in Burnsville right off Buck Hill road.
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying business vehicles purchased or financed during the tax year. That means if you buy (or lease) a business vehicle, you can deduct the full purchase price from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves. Additionally, your vehicle must be in business use 50% of the time in order to qualify.
For more information please visit the Section 179 website: https://www.section179.org/section_179_deduction/
Consult your tax professional for more details.
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