Saving on commercial vehicles and their equipment is a boon for any business. With the Section 179 deduction, businesses in Delaware can save on taxes. At Bayshore Ford Truck Center, our team is happy to help you learn more about Section 179 tax savings and how it can affect and help your Delaware business.
What is the Section 179 Tax Deduction?
Section 179 allows businesses to write off the full cost of eligible commercial and work trucks and vans. As long as those vehicles are used for business-related activities over 50% of the time, those vehicles are eligible for those savings.
For Delaware business owners, there is an increase in the deduction limit, which is now $1,220,000, an increase of $60,000 from the previous year. This deduction is good on new and used equipment and off-the-shelf software. There is also a spending cap on equipment before the Section 179 deduction can go into effect, making it a true small business tax incentive. That limit is $3,050,000.
Plus, customers can also take advantage of Bonus Depreciation after they reach the Section 179 spending cap. This Bonus Depreciation is good on new and used equipment.
Contact Our Team at Bayshore Ford Truck Center
To learn more about how our Bayshore team can help with section 179 in Delaware, please get in touch with our team at (866) 438-9737. Our People First mentality ensures that we find you personalized business solutions, such as the Section 179 deductions. We want to save you time and money and promote your success through exceptional service. We have half a century of experience in the Northeast Region and are more than happy to help with whatever you need. Find us in New Castle, serving Wilmington, New York, Philadelphia, and Dover. We cannot wait to support our local small businesses and vocational fleets today.