Large tax breaks for many buyers looking for commercial vehicles will expire at the end of this year. Now is the time to buy a commercial vehicle especially if you own your own business! The tax breaks which is a part of federal stimulus legislation spurred by the recession will dramatically front load the depreciation schedules for many large assets including vehicles of more than 6,000 pounds which includes many heavy-duty pickups.
The tax breaks available this year can mean first year depreciation of as much as $46,000 on a $60,000 heavy duty pickup if a customer purchases before December 31st of 2013. This extra depreciation can reduce business tax bills by lowering taxable income. This deduction under Section 179 of the federal tax code applies to businesses that buy or lease 2 million or less worth of equipment in 2013. Most vehicles of more than 6,000 pounds that’s are used for business are eligible for 100 percent of the depreciation. However any vehicle used for commercial purchases can qualify for some benefits.
If you are thinking about purchasing a vehicle for your small business now is the perfect time to buy! You will have a huge advantage of purchasing your vehicle before year end!
At Preston we have our own Commercial Division which offers over 100 commercial vehicles! We have commercial vehicles available at both Preston Ford and Preston Nissan. At Preston Nissan we have the NV’s and NV Cargos! Come and take your pick! If you do not have time to make it to the Preston Autoplex we will bring the vehicle to you! Just give us a call today and we will get everything lined up for you.