Chevy/GMC Tax Credit Info
Chevy/GMC Tax Credit Info in Decatur, TX
If you shop with James Wood Motors for your business fleet, you can find major savings in your taxes. With current tax laws, it’s possible to deduct up to the full value of your fleet vehicles from your taxes in the year that you purchase them. Let’s take a look at the kind of savings you can find when you shop with us for your GMC or Chevy fleet vehicles today.
Claim a Chevy and GMC Tax Credit
Claiming your tax benefits when you buy a new work Chevy or GMC vehicle is simple. When you prepare your return, you can simply claim the purchased vehicle as a deduction thanks to the current tax depreciation laws. How much of a deduction you can claim depends somewhat on the particular type of vehicle you purchase, so be sure to consult with a tax specialist to find out exactly how much you can claim for your purchase.
Shop Chevy and GMC Fleet Vehicles in Denton, TX
No matter what kind of vehicles you need for your business, we can provide them at James Wood Motors. We carry a huge range of eligible Chevy, GMC, Cadillac, and Buick models so that the right vehicle for the job is always in stock and ready for you. Browse all of our available fleet vehicles online at any time, and if you’d like to schedule a test drive or have any questions about how fleet vehicles impact your taxes, be sure to get in touch.
At the moment, there are two main categories of tax benefits for your GMC or Chevy work vehicles. Depending on the particular make, model, and options you choose, you might be able to deduct up to $19,200 per vehicle on your taxes, or you might be able to deduct the full value of the vehicle you purchase.
There’s no limit to the number of vehicles you can claim in a year, so whether you just need a single pickup to get the job done or an entire fleet of work vans, you can save with huge deductibles on your taxes. These laws apply to Chevy, Buick, GMC, and Cadillac vehicles, so be sure to check out our reference flier and consult with a tax specialist to find out exactly how much you can save.
For a vehicle to qualify for these great savings, you must use it as part of your business or job. As long as it’s a work vehicle, you may be able to claim up to the full value of your purchase as a deductible on your taxes in the year of purchase.
To find out exactly how much you can deduct for a given vehicle, be sure to consult with a tax specialist when you prepare your return.