• Chrysler
  • Dodge
  • Jeep
  • Ram

1481 West Riverdale Road
Directions Riverdale, UT 84405

  • Service: (877) 438-9871
  • Parts: (866) 798-3698
  • Sales: (866) 698-8147
Info

Year End Savings at Larry H. Miller in Riverdale


Time is running out for the Section 179 Tax Deduction for your business!

The end of the year is approaching and you might be thinking of buying a new work vehicle for your small business. The great thing is if you buy one before 2017, it could be as good for your bottom line as it is for your business. Below is a list of frequently asked questions.

Frequently Asked Questions

Q. What is the Section 179 deduction?
A. Section 179 of the IRS tax code was designed as an incentive for business owners to invest in their businesses and the economy by purchasing equipment. It allows taxpayers to elect to deduct the full purchase cost of certain types of property (up to $25,000) from their federal taxes for the year the property was purchased.

Q. Which property qualifies under Section 179?

A. Most business equipment qualifies for the Section 179 deduction. This includes tangible goods like vehicles, machinery, computers, software, and office furniture. The IRS website has a full list of equipment that qualifies for the Section 179 Tax Deduction. To qualify more than 50% of the property's use must be in the service of a trade or business.

Q. How much can you deduct?
A. The amount you can deduct is generally equal to the purchase price of qualifying property up to $25,000. There are some limitations, including a $25,000 limit on the amount a small business owner can elect to deduct for the purchase of certain sports utility vehicles. There is also a limitation for businesses that purchase more than $200,000 in qualified equipment. The IRS website has a more detailed explanation of deduction limits.

Q.Will the 2016 Section 179 dollar limitations change?

A. Lawmakers are considering an increase to the Section 179 dollar limitation, potentially retroactive to January 1, 2015. Keep an eye on our channels for possible updates.

*The information provided here is intended as a general overview of the Section 179 Deduction. You should always consult with a tax professional on business tax deductions. Ends 12/31/2016.

Contact

Larry H. Miller Chrysler Jeep Dodge Ram Riverdale

1481 West Riverdale Road
Directions Riverdale, UT 84405

  • Sales: (866) 698-8147
  • Service: (877) 438-9871
  • Parts: (866) 798-3698

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