Section 179 at a Glance for 2021
2021 Deduction Limit= 1,050,000
This deduction is good on new and used equipment, as well as off-the-shelf software. To take the deduction for tax year 2021, the equipment must be financed or purchased and put into service between January 1, 2021 and the end of the day on December 31, 2021.
2021 Spending Cap on equipment purchases = $2,620,000
This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar for dollar basis. This spending cap makes Section 179 a true "small business tax incentive" (because larger businesses that spend more than $3,670,000 on equipment won't get the deduction.)
Bonus Depreciation:
100% for 2021
Bonus Depreciation is generally taken after the Section 179 Spending Cap is reached. The Bonus Depreciation is available for both new and used equipment.
The above is an overall, "birds-eye" view of the Section 179 Deduction for 2021. Contact us for more details on limits and qualifying equipment.
Here is an updated example of Section 179 at work during the 2021 tax year.
 Deduct Your Business Vehicle Purchases with Handy Chevrolet
It shouldn't be hard to get a work vehicle that fits the needs of your business. Thanks to the introduction of Section 179 Tax Deductions, you can now save on the total purchase price of a new work vehicle. Not only will you outfit your fleet for whatever the work-life holds for you, but you'll also be able to put money towards other needs. Imagine having new vehicles for your business on the go without putting yourself into the red! Let Handy Chevrolet help you today!
How Does Section 179 Deduction Work?
Some tax codes can have confusing jargon leading you to scratch your head and look for answers. The Section 179 Deduction is straightforward and helpful. This tax code allows businesses to deduct the full purchase price of qualifying equipment or software purchased or financed during the tax year. When you buy a new or pre-owned vehicle from Handy Chevrolet, you'll be able to deduct the full purchase price from your gross income. You can use this deduction to buy your work vehicles and invest back into your business.
How Can You Qualify for This Deduction?
To benefit from Section 179 tax deductions, you'll need to purchase, finance, or lease new or used vehicles during the current tax year. You'll also need to ensure that you use your new work vehicles for business purposes more than 50 percent of the time to qualify for Section 179.
How Can Burdick Chevrolet Buick GMC Help?
Our team is happy to help you gain an advantage from the Section 179 Tax Deduction options. We'll show you through our inventory to find the work vehicles that suit your needs, including the Chevy Silverado 1500 or HD pickup truck options. Regardless of what you're looking for, we'll show you how you can apply these benefits to your purchase and save on the price today!
Let us know how we can make things easy for you!
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HANDY CHEVROLET INC.
699 Highgate Road
Saint Albans, VT 05478
- Sales: (866) 443-5955
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