Section 179 Tax Deduction
near Cedar Rapids, IA
It’s the perfect time to invest in your business with the Section 179 Tax Deduction, which allows small-business owners to save on new vehicles and equipment that’s used for work purposes. When you upgrade to a new Chevrolet 2500 at our Chevrolet dealership near Cedar Rapids, IA, you can meet with our Chevrolet finance team for guidance. We’re here to help your business flourish and ensure you save via the Section 179 Tax Deduction. Feel free to ask us any questions you have about eligible Ford models and how you can claim this tax break.
2020 Section 179 Limits & Caps
- 2020 Deduction Limit: $1,040,000
- 2020 Spending Cap on equipment purchases: $2,590,000
- Bonus Depreciation: 100% for 2020
Qualifications for 2020 Section 179 Tax Deduction: 1
- Your business needs to have good credit
- It must be a brand-new or new-to-you vehicle
- The vehicle must be purchased, not leased
- The vehicle must be used for business purposes at least 50% of the time
- The vehicle must be put in service before December 31, 2020
Eligible Chevy Vehicles Include:
- Chevrolet Silverado 1500
- Chevrolet Silverado 2500
- Chevrolet Silverado 3500
- Chevrolet Tahoe
- Chevrolet Suburban
- Many More!
Reach out to Lynch Chevrolet in Mount Vernon if you want to learn more about the savings your company may qualify for under the Section 179 Tax Deduction. We have plenty of new Chevrolet Trucks and large SUVs available, including 2500 and Tahoe models. Visit our Iowa Chevrolet dealer to discover how a Chevrolet can upgrade your business.
1 See dealer for details.