Business Owners! Take Advantage of Great Pricing PLUS Tax Deductions before Year End
- November 10, 2017
- Other, Vehicles
- Posted by Runde Auto Group
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Tax Time means big tax incentives for business owners!
You probably didn’t read that as something to look forward to, but if you are a business owner, we have some news that might change your mind.
If you own a business and purchase a new work vehicle from Runde Auto Group before Dec. 31, you could be eligible for up to a total of $510,000 in tax deductions.
When you add tax incentives to other small business and national incentives on eligible vehicles, you can significantly impact your bottom line. Adding a new work vehicle to your fleet could be more beneficial than ever. Whether it is the capable, hardworking Silverado or flexible Express Cargo, our commercial vehicles are engineered to get the job done.
You can read more about the details of Section 179 here: Section179.org.
Not sure if you qualify for Business Choice Rebates? You need to be able to answer “Yes” to the following questions:
1. Are you a business owner?
2. Is the vehicle used in the day-to-day operation of your business and not solely for personal/non-business-related transportation purposes?
3. Can you provide one of the following eligible business documents that identifies you as the owner of the business?
• GM Fleet Account Number (FAN)
• DBA (Doing Business As)
• Sales Tax License
• State Business License or State/Federal Business Tax ID Certificate
• State Occupational License for Trade (For example: plumbers, electricians, contractors, etc.)
• Municipalities (In lieu of bid assistance, vehicle must be in the name of the municipality)
• Municipal Business License
• Prior-year Schedule C (Form 1040) or Schedule F (Form 1040-Farmers only)
• Crop or Livestock Insurance
• Federal Land Use Restriction and/or Land Grant Subsidiary Documentation
• Commercial General Liability Insurance Policy/Public Liability Insurance Policy and/or Workmen’s
• Compensation Insurance Policy
• State or Federal Authorized Business Web Site
• Pocket List of Railroad Official Guide (Only eligible when railroad operators incentive is not used)
• Most Current Business Tax Forms
• Timber Registration Number
• Agriculture ID
• Tax Form 1120-S
• Tax Form 1065
• Farmer’s General Liability Insurance
• Articles of Incorporation
• Pocket List of Railroad Official Guide
Here are some charts that show the tax deductions you can expect to receive. Each individual’s tax situation is unique; therefore, please consult your tax professional to confirm vehicle depreciation deduction and tax benefits. For more details, visit www.irs.gov.
Learn more here: http://www.chevrolet.com/tax-deductions or Section179.org.