Monday, November 14, 2016

Earn a 2016 Tax Deduction Up to $500,000*

Business owners, do you need a last minute tax deduction? Buy a Chevrolet and put it into service by 12/31/16, and you could earn a 2016 tax deduction up to $500,000* at Knoepfler Chevrolet. 

You may qualify for a 2016 Tax Deduction of up to $500,000* due to Section 179 of the IRS Tax Code. See the chart below to see which vehicles equal which deductions:

Contact Cory Derby or Bob Oien fore more information and to find out special pricing for your business:

Cory Derby
Fleet/Commercial Sales Manager

Bob Oien
Fleet/Commercial Sales Consultant

* 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 1For vehicles that qualify as passenger automobiles under the Internal Revenue Code, there is a $11,160 per-vehicle depreciation deduction cap or $11,560 for certain SUVs, trucks, and vans placed in service during 2016. 2For vehicles that qualify as sport utility vehicles, including certain trucks and vans, under the Internal Revenue Code, the maximum amount that may be expensed is $25,000 of the total purchase price. The $25,000 expense cap contributes to the $500,000 dollar limit and $2,010,000 investment limit under Section 179. 3The tax incentives are available for depreciable tangible property that is acquired by purchase for use in the active conduct of a trade or business. Additional limitation based on purchases. For the 2016 tax year, the aggregate deduction of $500,000 under Internal Revenue Code Section 179 is most beneficial to small businesses that place in service no more than $2,010,000 of “Section 179 property” during the year. For every dollar spent on Section 179 property in excess of the overall limit of $2,010,000, the $500,000 expense-tax deduction decreases by a dollar. Certain vehicles, models, and restrictions apply. Consult your tax professional for details.

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