As an incentive to encourage small and medium businesses to buy equipment and invest in their business, the US government has increased the amount you can write off on fleet vehicles to $500,000. That’s a massive increase from the $25,000 available last calendar year. This offer is good for Chevrolet, GMC, Ford, and Ram dealerships.
The Section #179 tax benefits help many small businesses by allowing them to purchase vital trucks, vans, and wagons over 6,000 lbs that make doing their job easier on a daily basis. As long as business owners purchase the new vehicle and put it into service before the last day of the year, they can write it off.
When in use, the vehicle should be used for business purposes more than 50% of the time, based on mileage. If you choose to use it for both personal and business use, the cost eligible for deduction would be the percentage used for business. For more information about the details of this offer visit the official page.