Section 179 Tax Savings Commercial Vehicles in Colorado
Tax Savings on Commercial Vehicles in Colorado With Section 179
As a business owner in Colorado, you can save money by utilizing the Section 179 tax deduction for commercial vehicle purchases. At Northwest Auto Sales and Service, we want to help you understand this valuable tax benefit, and we also have an inventory of vehicles that are eligible. Utilizing this tax benefit can save money, help your business grow, and gain a competitive advantage in your market.
What Is Section 179?
The Section 179 deduction allows businesses in places like Glenwood Springs to deduct some or all of the purchase price of qualifying vehicles from their gross income. This tax incentive encourages businesses in Craig to invest in necessary equipment and vehicles. Some of the benefits of Section 179 include:
- Immediate tax savings: Deduct the partial cost in the first year.
- Improved cash flow: Save on taxes to reinvest in your business.
- Faster vehicle replacement: Maintain reliable, modern transportation.
Qualifying Vehicles
To qualify, a vehicle must be used for business purposes at least 50 percent of the time and put into service in the same year. For 2024, light vehicles under 6,000 pounds have a deduction limit of $12,400, while heavy vehicles between 6,000 and 14,000 pounds qualify for up to $30,500. Northwest Auto Sales and Service has a variety of eligible vehicles for businesses in Grand Junction. Make sure to consult your tax professional for specific qualification details. Examples of qualifying vehicles include:
- Pickup trucks
- Vans and shuttle buses
- SUVs
- Heavy vehicles like tow trucks
Save on Your Business Vehicle Purchase in Meeker, CO
Explore our inventory of commercial vans, pickup trucks, and more at Northwest Auto Sales and Service in Meeker, CO. Our team can explain potential tax benefits and help you find the right vehicle. Visit us or view our inventory online. We're here to help your business save with Section 179.