Tax Deductions in 2024

If you own a small business near Bowie or if you are self-employed out near Waldorf MD, did you know you can lower your taxes owed by purchasing new GMC and Buick fleet vehicles for your business in 2024? Section 179 of the United States Federal tax code allows for a business tax exemption of up to $1,220,000. The maximum expense deduction for GMC and Buick Sport Utility Vehicles (SUV's) is $30,500 this year. That means business owners near Washington, DC can get a nice 2024 GMC Sierra truck and deduct the costs associated with using the vehicle off your taxes owed! I know it sounds like a crazy media story, but it is true.

The federal tax exemption limit for Maryland business owners is reduced by the cost of property your company places in service this year when it exceeds $3,050,000. You can consult with a tax professional for the details on this particular limiting factor. This is the total for all of your company property, and not just the cars, trucks and SUVs you purchase for it.

When you consider this lucrative reduction in cost for your business located near Bowie will receive, it's like a Holiday time gift from your bestie, old Uncle Sam! Take a trip to to Buick GMC of Brandywine when your schedule permits today, and find our more information on this amazing offer from the government. You can also give our sales consultants a call at 301-238-4385.

What is Depreciation?

---

Depreciation can be thought of as an income tax deduction for your small business near Waldorf. This allows you to recover the cost of usage you receive on your company vehicles when you employ them in work-related tasks. This applies directly to your Buick and GMC trucks and SUV's because they depreciate every time you step on the gas pedal.

How do my fleet vehicles qualify for a tax deduction for your business located near Bowie MD? To be Depreciable, your vehicles must fit the following criteria:

1. You must own them. You cannot lease them if you want to receive a Depreciation tax benefit.
2. They must be used in the service of your business or in the way you produce income.
3. They must have a useful life span which can be estimated and measured.
4. They must be expected to have a life span of more than one year.

What is Special Depreciation? You may also want to know the U.S. Government offers a special depreciation allowance of 60% for qualified property acquired by your business after September 27th, 2017, but then placed in service during the 2024 calendar year.

You can let the IRS know how you feel about these tax rules by following this link to their Comments page. How can you ask the IRS a question? You can follow this link to their Help page and use the search feature to find the relevant topic about your business.