Section 179 Tax Deduction for Vehicles
There's nothing we love more than watching fellow local businesses thrive. That's why we want you to take advantage of tax benefits when you buy a GMC to use for work through Section 179. With the Section 179 tax incentives, you can deduct up to 100% of your equipment purchase when reporting business expenses on your annual costs during tax season. This rebate applies to vehicles purchased during 2022 and put into service before December 31, and there are a few guidelines you must follow. Discuss which GMC models are eligible for the Section 179 tax deduction at our GMC near Albany, then meet with your accountant for details on how to claim these savings.
2022 Section 179 Tax Deduction Details
- Total annual deduction: Up to $1,080,0001
- Section 179 deduction limit: $11,160 for vehicles (including Bonus Depreciation)1
- Section 179 deduction limit: $11,560 for trucks and vans (including Bonus Depreciation)1
- Bonus Depreciation: 100%1
2022 Section 179 Vehicle Requirements
- Used for business purposes at least 50% of the time1
- New or new-to-you (pre-owned qualifies)
- Purchased, not leased
- Vehicle must be delivered and put into service by 12/31/20221
Vehicles Eligible for Section 179
We have a variety of vehicles that meet the Section 179 requirements including new GMC vans and trucks. Plus, you can claim this tax deduction on new-to-you models that you purchase in 2022. Some of the GM vehicles that are eligible for Section 179 incentives include:
- GMC Savana models
- GMC Sierra models
- GMCYukon
- GMC Canyon
GMC Trucks near Albany, GA
If you want to capitalize on Section 179 tax breaks this year, contact Parker GMC to set up a test-drive. There's never been a better time to upgrade your company vehicle or work trucks, whether you want a luxurious new Vehicle for a long commute or a used GMC Sierra 1500 for big jobs. We're conveniently located for business owners from Albany, Tifton and beyond, so make your way to our ASHBURN GMC dealership to buy the fleet vans or commercial trucks you need to take your operations to the next level.
1 See dealer for details.