For businesses in and around Chicago, the 2020 Section 179 tax deduction can be a big help. In short, Section 179 allows businesses to deduct the full purchase price of qualified equipment or software that has been purchased or financed during the tax year. So, for example, if you buy or lease a commercial vehicle for company use, the full purchase price can be deducted from your gross income. Learn more in this overview from Badger Truck & Auto Group.
The Section 179 deduction is particularly beneficial if you’ve purchased vehicles for your business use, either in Madison or elsewhere in the United States. The deduction covers vehicles that are purchased, leased, or financed with Section 179 qualified financing. Eligible vehicles include:
The Section 179 tax deduction provides a great incentive for small businesses in Milwaukee and beyond. If you’d like to know more about how your business can benefit from the Section 179 Deduction, please feel free to contact us online, or call us directly at (414) 344-9500. We carry an outstanding selection of commercial vehicles, as well as a fine inventory of high-quality used vehicles that could be the perfect choice for your business, so come see us today!
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