Buying Vehicles With Tax Advantages in Fort Lauderdale
Making wise decisions for your business is how you got to where you are. Buying a car for your business at the end of the year can save you thousands of dollars and can be used as a business tax savings. Just like many businesses, automobile dealerships like to reduce inventory at the end of the year and if you are in the market for a new car for your business this is the time to take advantage of year-end savings.
It’s all in the Timing
Just like your business, automobile dealerships want to reach their year-end sales goals. The closer to the end of the year that it gets, the more anxious they will be to sell you a new Chrysler or Jeep. Discounts are higher on new cars in December than any other month of the year. Taking advantage of these discounts together with the business tax savings is good business. Hollywood Chrysler Jeep has always been here to help small businesses and large businesses in Fort Lauderdale & Miami area take advantage of the tax advantages that exist for purchasing new vehicles.
Like the companies that they work for automobile sales representatives are also looking at their year-end sales quotas. This will incline them to work with you to make a deal that is to your advantage and that of your business. Aside from a business tax savings, you will have a car that has more value at the end of its life cycle because you were able to purchase it at a discount.
Business Tax Savings
A business may benefit several ways by buying a vehicle at the end of the year. The sales taxes that are incurred on the purchase can be written off on this year’s tax giving you an immediate business tax savings. Depreciation of the vehicle will can also offset the cost of a vehicle that you buy before the end of the year. Don’t wait until the last week of the year or you may not get the model that you want because others have the same mission in mind as you. How to get a business tax savings while finding a vehicle they like that serves their purpose.
How much you save will depend on the car you purchase, your credit worthiness, whether you are trading or buying outright and what kind of deal you can wheel when you find the car that you want. Any savings and a vehicle that is not adding appreciably to your business overhead is a good business decision, especially when it affords you a business tax savings.
Hybrid cars and those who operate on CNG like some Chrysler 200 models may be eligible for further tax breaks. Not actually a deduction, energy credits can reduce your tax liability. You will need to check with your tax preparer to see if this tax credit is available on hybrids and alternate fuel vehicles for the current tax year.
So, you see, there are many tax benefits for a business to buy a vehicle at the end of the year. Now it’s time to go find your next business vehicle before the one you want is gone.
The opinions written in this article are the sole opinion of this writer and are not necessarily the opinions of the blog posting this content. For questions or concerns, call or write to the dealership listed above.