Section 179 Tax Deductions
Invest In Your Business Today with Section 179 Deductions at Schwieters Chevrolet of Cold Spring
At Schwieters Chevrolet of Cold Spring, we are committed to helping small businesses around COLD SPRING, MN, grow with excellent quality vehicles. Section 179 tax deductions and our new and used commercial vehicle inventory allow business owners and fleet managers to acquire the vehicles they need to enhance their operations and say yes to more opportunities. If you are looking for a reliable vehicle suitable for your work, then contact our team for expert vehicle matching services and guidance for making Section 179 deductions work for you.
*Always consult your lawyer or tax preparer for full details.
What is Section 179?
Section 179 is a provision of the IRS tax code designed to help small to medium businesses prosper by helping them acquire the equipment they need. Section 179 allows businesses to deduct the full purchase price for vehicles, equipment, or software up to $1,160,000 for the 2023 tax year. Unlike previous years, where you had to painstakingly deduct business equipment costs with complicated depreciation calculators, new rules allow the full purchase price to be deducted to reduce the tax liability. A total equipment spending cap of $2,890,000 is also in place to ensure small businesses benefit the most. Once the spending cap is reached, bonus depreciation of 80 percent kicks in.
Which Vehicles Qualify for Section 179 at Schwieters Chevrolet of Cold Spring?
The best part about Section 179 is that it is extremely flexible. As long as businesses purchase vehicles used for commercial purposes at least 50 percent of the time and placed into service by December 31, 2023, they can deduct the full purchase price next tax season. At Schwieters Chevrolet of Cold Spring, we have many vehicles suitable for all types of work, from heavy-duty commercial trucks to passenger vans, cargo vans, and personal vehicles.
Contact Our Commercial Vehicle Experts at Schwieters Chevrolet of Cold Spring
Get the commercial vehicles you need now with Section 179 tax deductions. Our team at Schwieters Chevrolet of Cold Spring can help match you with the right vehicle for your vocation and ensure you get a quality vehicle that works for your business. Contact our team today to view our selection and schedule a test drive.
FAQs
What Is the Program?
- Provides a tax deduction for up to $10,000 in annual interest paid on loans to acquire u s assembled qualifying vehicles for eligible consumers
- Applies whether an individual itemizes deductions or takes the standard deduction.
- Consult your tax, legal, or accounting professional if you have questions. This information does not constitute tax, accounting, or legal advice.
Who Qualifies?
- Income limits: $100k single ($200k married filing a joint return) – phase out for next $50k and is fully-phased out for taxpayers with modified adjusted gross income in excess of $150k ($250k married filing a joint return)
What Loan Types Are Eligible?
- Individuals financing only – not applicable to commercial/fleet purchases & no lease benefit
Do I Have to Buy by a Certain Date?
- Only applies to interest paid in tax years 2025-2028
- Must be new debt contracted after 12/31/2024, excludes refinancing of debt incurred prior to 12/31/2024
What Vehicles Are Eligible?
- Must be assembled in the U.S.
Schwieters Chevrolet of Cold Spring
1050 EAST HIGHWAY 23, COLD SPRING, MN 56320
Contact UsHours
| Monday | 8:00AM - 8:00PM |
| Tuesday | 8:00AM - 8:00PM |
| Wednesday | 8:00AM - 8:00PM |
| Thursday | 8:00AM - 8:00PM |
| Friday | 8:00AM - 5:30PM |
| Saturday | 8:00AM - 5:00PM |
| Sunday | Closed |
| Monday | 7:30AM - 5:30PM |
| Tuesday | 7:30AM - 5:30PM |
| Wednesday | 7:30AM - 5:30PM |
| Thursday | 7:30AM - 5:30PM |
| Friday | 7:30AM - 5:30PM |
| Saturday | Closed |
| Sunday | Closed |
| you break it we fix it | |
| Monday | 7:30AM - 5:30PM |
| Tuesday | 7:30AM - 5:30PM |
| Wednesday | 7:30AM - 5:30PM |
| Thursday | 7:30AM - 5:30PM |
| Friday | 7:30AM - 5:30PM |
| Saturday | Closed |
| Sunday | Closed |