tax deductions
tax deductions
In recent years, tax laws were revised to benefit both large and small businesses, which means your company has an opportunity to save. Coupes, sedans, small trucks and small SUVs could deduct up to $18,100 per vehicle† while larger trucks, SUVs and vans could deduct up to 100% of the purchase price.†
Chevrolet Camaro
Chevrolet Corvette
Chevrolet Cruze
Chevrolet Impala
Chevrolet Sonic
Chevrolet Spark
Chevrolet Malibu
Chevrolet Volt
Chevrolet Bolt EV
Chevrolet Colorado (Except 4WD with 2.8L Diesel)
Chevrolet Equinox
Chevrolet Trax
GMC Canyon (Except 4WD Crew Cab)
GMC Terrain
GMC Terrain Denali
Cadillac ATS Coupe
Cadillac ATS Sedan
Cadillac ATS-V Coupe
Cadillac ATS-V Sedan
Cadillac CT6
Cadillac CTS Sedan
Cadillac CTS-V Sedan
Cadillac XTS Sedan
Cadillac CT6 Sedan
Cadillac XT4
Buick Cascada
Buick Encore
Buick Envision
Buick LaCrosse
Buick Regal
Chevrolet Blazer
Chevrolet Colorado 4WD with 2.8L Diesel
Chevrolet Silverado 1500
Chevrolet Suburban
Chevrolet Tahoe
Chevrolet Traverse
Chevrolet Silverado 2500 HD
Chevrolet Silverado 3500 HD
Chevrolet Silverado HD Chassis Cab
Chevrolet Silverado 4500 HD Chassis Cab
Chevrolet Silverado 5500 HD Chassis Cab
Chevrolet Silverado 6500 HD Chassis Cab
Chevrolet Express Passenger Van
Chevrolet Express Cargo Van
Chevrolet Express Cutaway Van
Chevrolet Low Cab Forward
GMC Canyon 4WD Crew Cab
GMC Sierra 1500
GMC Sierra 1500 Denali
GMC Yukon
GMC Yukon Denali
GMC Yukon XL
GMC Yukon XL Denali
GMC Acadia
GMC Acadia Denali
GMC Sierra 2500 HD
GMC Sierra 2500 HD Denali
GMC Sierra 3500 HD
GMC Sierra 3500 HD Denali
GMC Sierra 3500 HD Chassis Cab
GMC Savana Passenger Van
GMC Savana Cargo Van
GMC Savana Cutaway Van
Cadillac Escalade
Cadillac Escalade ESV
Cadillac XT5
Buick Enclave
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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. Trucks, vans and sport utility vehicles as defined in the Internal Revenue Code with a GVWR over 6,000 lbs. and placed in service during 2020 qualify for immediate depreciation deductions of up to 100% of the purchase price. Passenger automobiles as defined in the Internal Revenue Code (including SUVs, trucks and crossovers with a GVWR up to 6,000 lbs.) and placed in service during 2020 qualify for immediate depreciation deductions of up to $18,100 per vehicle. 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 availability or amount of any potential tax benefit or reduced tax liability.
Trucks, vans and sport utility vehicles as defined in the Internal Revenue Code with a GVWR over 6,000 lbs. and placed in service during 2020 qualify for immediate depreciation deductions of up to 100% of the purchase price.
