Business Owner Tax Savings

Section 179 Tax Deduction for Business Owners

Are you a business owner in Oregon looking to upgrade your fleet or purchase a new vehicle for your business? The Section 179 Tax Deduction could save you thousands on your taxes while getting you behind the wheel of a new Buick or GMC vehicle!

Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying vehicles purchased or financed during the tax year. For 2024, businesses can deduct up to $1,220,000 in qualifying vehicle purchases, making it an excellent opportunity to invest in your business while reducing your tax burden.

At Speck Buick GMC of Tri-Cities, we understand the unique needs of Oregon business owners. Our team can help you find the perfect Buick or GMC vehicle that qualifies for Section 179 and fits your business requirements, whether you need a rugged truck for hauling, a professional SUV for client meetings, or a reliable commercial van for deliveries.

How Does Section 179 Work?

Section 179 is designed to encourage business owners to invest in equipment and vehicles by allowing them to deduct the full purchase price from their gross income. Instead of depreciating the vehicle over several years, you can deduct the entire amount in the year of purchase.

For tax year 2024, the maximum deduction is $1,220,000 for qualifying equipment and vehicles. This means if you purchase a qualifying GMC truck or Buick SUV for your business, you could potentially deduct the full purchase price from your taxable income.

To qualify, the vehicle must be used for business purposes more than 50% of the time. The deduction amount is proportional to the percentage of business use. For example, if you use your vehicle 80% for business, you can deduct 80% of the purchase price.