As a business owner in Kansas City, you're always looking for ways to save money and reduce your tax liability. One way to do that is by taking advantage of the Section 179 tax deduction when purchasing vehicles for your business.
What is the Section 179 Tax Deduction?
Under Section 179, businesses can deduct the full purchase price of qualifying equipment, including vehicles, from their gross income. This allows you to write off the cost immediately, rather than depreciating it over several years. It's especially beneficial for businesses that rely on trucks and other commercial vehicles.
If your business is located in Olathe, Overland Park, Lee's Summit, or Leavenworth, you'll be glad to know that the Section 179 deduction applies to you, too. Any business that purchases, finances, or leases new or used business equipment during the tax year can take the deduction.
So, how do you make the most of this deduction? One great option is to check out the commercial truck options available at Randy Curnow Buick GMC Kansas City. As a GMC dealer serving the greater Kansas City area, we have a wide selection of qualifying vehicles in our new inventory, from GMC Sierra pickup trucks to GMC Savana cargo vans.
By purchasing a truck from Randy Curnow Buick GMC Kansas City and taking the Section 179 deduction, you can significantly lower your taxable income for the year. Depending on your specific tax situation, you could save thousands of dollars on your business taxes.
Another benefit is that the deduction applies to both new and used vehicle purchases. So even if a brand-new GMC truck isn't in the budget this year, you can still get the tax break on a pre-owned model. Randy Curnow Buick GMC Kansas City has an excellent selection of used commercial vehicles to choose from as well.
Keep in mind that to qualify for the Section 179 deduction, the vehicle must be used for business purposes more than 50 percent of the time. You'll also want to make sure you place it into service by December 31st of the tax year. Consult with a tax professional to make sure you're meeting all the requirements.
Contact Randy Curnow Buick GMC Kansas City to Learn More About the Section 179 Tax Deduction
The Section 179 tax deduction provides a fantastic opportunity for businesses to save a lot of money on their taxes when purchasing vehicles. If you're looking for a commercial truck in the Kansas City area, head to Randy Curnow Buick GMC Kansas City and take advantage of this tax break on their great selection of work-ready GMC vehicles. Your bottom line will thank you!
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