As we approach the end of the year, it’s time to consider how your business can maximize tax benefits, particularly through the Section 179 tax deduction. This is a fantastic opportunity for businesses to invest in new or used equipment, including business vehicles, and receive substantial tax deductions. At Lynch Truck Center in Waterford, we have a wide range of commercial vehicles from Chevrolet, GMC, HINO, and Isuzu, as well as tow trucks, that can help you take advantage of these benefits.
Section 179 allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the tax year. That means if you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income. For 2023, the deduction limit has been raised to $1,160,000, with a total equipment purchase limit of $2.8 million.
However, there are a few key points to remember to ensure you qualify for this deduction:
- The equipment must be purchased and in use before December 31st, 2023. This means you need to start the process sooner rather than later. It might take some time for you to get the equipment you want, and you don’t want to risk it not being available, built, or delivered on time.
- The equipment needs to be used for business 50% of the time. So, make sure you put your new vehicle into operation before the deadline.
At Lynch Truck Center, we understand the importance of these investments to your business. Our team is ready to assist you in finding the perfect commercial vehicle that suits your needs and helps you maximize your tax deductions. Whether you’re looking for a heavy-duty truck for towing or a versatile van for deliveries, we have a variety of options available.
Remember, the sooner you get your equipment, the more likely you can use this tax benefit to keep cash in your business. Don’t wait until the last minute. Visit us at Lynch Truck Center in Waterford today and let us help you make the most of the Section 179 tax deduction.
As with any tax-related questions, we recommend consulting your CPA before purchasing to determine if the equipment you want qualifies for the Section 179 tax deduction.
At Lynch, we’re not just about selling vehicles; we’re about helping Wisconsin businesses grow and thrive. We’ve been doing it since our first location opened in Burlington, WI in 1957, and we’re ready to do it for you. Let’s end 2023 on a high note together!
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