With 2024 upon us, many business owners who utilize commercial and fleet vehicles are looking toward tax season, and you'll want to make sure you're getting all the deductions you qualify for through business trucks and vans. One such tax benefit is Section 179, which applies to work trucks. Here at Sterling Auto Group, we're here to provide an overview of Section 179 tax benefits and to help you see if you qualify.
Those who purchase a new GMC work truck or van will find that they can write off the purchase up to a certain amount using Section 179, provided it is used for business purposes more than 50 percent of the time. If you're meeting the requirements, which include vehicles that can seat nine or more passengers, cargo vans with no seating behind the driver's seat, heavy construction vehicles, and many other work trucks, you'll see this benefit as one that helps you save in a major way, as you're able to keep your business moving. This benefit does not apply to those who use their vehicles for rideshare or delivery like Uber, Lyft or DoorDash, as those can be found in a different deduction in the tax code.
Some other guidelines include weight standards of 6,000 pounds to 14,000 pounds, and you cannot use the Section 179 deduction and also claim the standard mileage deduction in the same year. With work trucks like the GMC Sierra 1500, Sierra HD, or the Savana work van, along with other options you have a variety of choices to apply this tax benefit to, and we're here to help you pick out the right one, and provide you with information on filing for the current tax year if bought a vehicle in the prior year for work use at our dealership.
To learn more about the benefit, and discover new GMC vehicles, contact us at Sterling Auto Group, serving Bryan, TX along with the Navasota, Hearne and College Station areas.
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