An expanding and strengthening economy may mean the end of the line of December 31, 2013 for some stimulus-type tax breaks. The overall code Sec. 179 expensing limit is slated for a drastic reduction next year.
Therefore small businesses planning to purchase a vehicle at the beginning of 2015 may want to consider pushing up their purchase plans. This year will be the last year you are able to deduct as an expense, rather than to depreciate, up to a specified amount of the cost of a new or used vehicle placed in service.
Bottom line, you can get a much bigger tax deduction on a new or pre-owned vehicle purchase before December 31st, as opposed to next year. If you’re worried about purchasing the vehicle earlier than you expected, fear not. The friendly professionals at Huffines Chevrolet Lewisville can work within your budget to get a vehicle your business can afford and you can even defer your payments until after the New Year.
To see how easy it is to save money, visit our showroom at 1400 South Stemmons Freeway in Lewisville, Texas or give us a call at 972-538-7000 today!