Friday, November 2, 2018
Take Advantage Of New Tax Benefits To Deduct Up To 100% Of Purchase Price
Certain Chevrolet vehicles are eligible for tax deductions of up to 100%. It's the perfect time of year to take advantage of the first year depreciation limits for 2018 tax savings. Other models can deduct up to $18,000 per vehicle
Tax rules for vehicle purchases have changed, which means businesses of every size have an opportunity to save. Coupes, sedans, small trucks, and small SUVs can deduct up to $18,000 per vehicle1, while larger trucks, SUVs, and vans can deduct up to 100% of the purchase price2. Consult your tax advisor for tax implications and savings opportunities.
Federal tax depreciation deductions are only available for vehicles used in a trade or business and are subject to change without notice. Each taxpayers’ tax situation is unique-please consult your tax advisor to determine your business’ vehicle depreciation deduction. For more information, visit irs.gov. This advertisement is for informational purposes only, and should not be construed as tax advice, or as a promise of the availability or amount of any potential tax benefit or reduced tax liability.
Chevrolet models with up to 100% deduction include the Chevrolet Suburban, Tahoe, Traverse, Silverado 1500, 2500HD, 3500HD, Express Cargo Van, Express Cutaway, Low Cab Forward models.
Chevrolet models with $18,000 max per vehicle are Chevrolet Bolt EV, Camaro, Corvette, Cruze, Impala, Malibu, Sonic, Spark, Volt and the City Express Van.
Information source is the GM Fleet website.