New tax limitations for 2012 continue to provide significant tax benefits to small business owners.
Now when you purchase qualifying GM vehicles for your business before 12/31/12, you could earn a tax deduction of up to $139,000. Plus you can stack other available incentives to really increase your savings.
GM Vehicle Deduction Eligibility:
Up to $11,160 total deduction per vehicle:
- Chevrolet Camaro
- Chevrolet Captiva Sport
- Chevrolet Corvette
- Chevrolet Cruze
- Chevrolet Equinox
- Chevrolet Impala
- Chevrolet Malibu
- Chevrolet Sonic
- Chevrolet Spark
- Chevrolet Volt
Up to $11,360 total deduction per vehicle:
- Chevrolet Colorado
- Chevrolet Colorado Chassis Cab
Up to $25,000 total deduction per vehicle:
- Chevrolet Avalanche
- Chevrolet Express Passenger 1500
- Chevrolet Silverado (short box)
- Chevrolet Suburban
- Chevrolet Tahoe
- Chevrolet Traverse
Up to $139,000 total deduction per vehicle (Aggregate, no per vehicle limit):
- Chevrolet Express Cargo
- Chevrolet Express Cutaway
- Chevrolet Express Passenger 2500 and 3500
- Chevrolet Silverado (standard and long box)
- Chevrolet Silverado Chassis Cab
For additional business savings opportunities, ask a Courtesy Chevrolet representative about the GM Business Choice Program.
The tax incentives are available for depreciable tangible property which is acquired by purchase for use in the active conduct of a trade or business. Additional limitation based on purchases?for the 2012 tax year, the aggregate deduction of $139,000 under Internal Revenue code Section 179 is most beneficial to small businesses that place in service no more than $560,000 of "Section 179 property" during the year. Certain vehicles, models and restrictions apply. Consult your tax professional for details.
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 www.irs.gov, or to calculate your bonus depreciation, visit www.depreciationbonus.org.
For vehicles that qualify as passenger automobiles under the Internal Revenue Code, there is a $11,160 per vehicle depreciation deduction cap.
For vehicles that qualify as passenger automobiles under the Internal Revenue Code that are trucks or vans, there is a $11,360 per vehicle depreciation deduction cap.
For vehicles that qualify as sport utility vehicles under the Internal Revenue Code, there is a $25,000 per vehicle depreciation deduction cap.
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