What Is the Section 179 Tax Deduction?

2022 GMC Truck Lineup

What Is the Section 179 Tax Deduction?

If you're looking to upgrade to a new or pre-owned vehicle for your business, you could take advantage of the Section 179 tax deduction! The Section 179 tax code was designed by the U.S. government to help businesses invest in themselves. Whether you're looking for a GMC Sierra 1500 truck or Buick Encore GX SUV, you'll find a model that suits your needs here. Ask us about Section 179 tax savings and learn more when you visit our Buick and GMC dealership near Brockton, MA. Buy or lease a new vehicle for your New England business today!

What Vehicles Are Eligible for Section 179?

Whether you buy a new or used GMC near Brockton, MA, it'll qualify for the Section 179 tax deduction. What's important is that the vehicle is new to you. In order to qualify, a vehicle must either be a classic cargo van with no seating behind the driver's seat, or a passenger van that can seat nine or more passengers behind the driver. Other Buick SUVs and can be eligible for the Section 179 expense so long as they're used for business more than 50% of the time.

Some GMC and Buick models that can be eligible for Section 179 savings include:

How Does Section 179 Work?

New and used GMC models purchased or leased during the 2021 tax year are eligible for the Section 179 tax deduction. This allows you to write off up to the full purchase price of the vehicle for the same tax year it was purchased. If a vehicle isn't used for business purposes 100% of the time, the amount you can deduct will be affected. If you have questions about using an online Section 179 calculator or want to learn more about Section 179 tax savings, don't hesitate to contact Mastria Buick GMC.

The Section 179 deduction limits for 2021 are as follows:

  • $11,160 for cars, including Bonus Depreciation
  • $11,560 for trucks and vans, including Bonus Depreciation
  • Certain SUVs with a gross vehicle weight rating between 6,000 and 14,000 pounds qualify for up to a $25,000 deduction, including Bonus Depreciation
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