Section 179 Tax Deduction for Small Businesses
What is the Section 179 Tax Deduction?
The Section 179 Deduction was enacted to help small businesses with vehicle and equipment purchases. Commercial and fleet vehicle buyers in 2018 can take a tax deduction for the full purchase price in one year. Eligible vehicles must be titled in the business name and used for business at least 50% of the time.
As of 2018, the maximum deduction is $1,000,000 for Section 179 tax deductions. This means a business can deduct the full cost of equipment from their 2018 taxes, up to $1,000,000.
Contact Don Johnson Motors today to setup a time to come into either our Rice Lake, Cumberland, or Hayward locations to purchase a new vehicle for your business before December 31, 2018 to see our selection of qualified vehicles.