Small Business Tax Return

If you're an owner of a nearby business, there are ways to save big on vehicles used for company purposes. The Section 179 tax deduction allows small- to medium-sized businesses to write off up to 100% of expenditures on qualifying vehicles.1 Whether your company would benefit most from a GMC HD truck, Buick SUV or another model, we can help you take advantage of the Section 179 deduction. Visit our GMC dealership near Des Plaines to learn more about Section 179 and finance a new GMC heavy-duty commercial vehicle that's the ideal match for your business's needs. But be sure to stop in before December 31, 2022, and enlist your vehicle on time to be eligible!

WHAT ARE THE 2022 SECTION 179 TAX DEDUCTION LIMITS?

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• 2022 Deduction Limit: $1,080,000¹ -- valid on new and used equipment (must be new to the buyer).
• 2022 Spending Cap: $2,700,000¹ -- the max amount that can be spent on equipment before the Section 179 Tax Deduction begins to reduce on a dollar-for-dollar basis.
• 2022 Bonus Depreciation: 100%¹ -- generally taken after the Spending Cap is reached, valid on new and used equipment.

The Section 179 tax deduction allows eligible businesses to write off up to 100% of the purchase price of qualifying vehicles.1 These qualifying vehicles include "non-SUV" vehicles with a cargo area at least six feet in length. Many passenger vehicles also qualify for a partial tax deduction if used for business purposes at least 50% of the time.

Here is a full breakdown of Section 179 limitations:

• Cars: $11,160 (including Bonus Depreciation)¹
• Trucks & Vans: $11,560 (including Bonus Depreciation)¹
• Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)¹