As the year is coming to end, business owners are beginning to think about how to grow their business. While a business is planning for the new year, focusing on ways to grow. One way to expand and grow a business is to buy big costly things now to write off on this year’s taxes. This is especially useful for independent contractors, like Section 179 of the tax code, also known as “SUV Tax Loophole” or the “Hummer Deduction,” allows businesses to “buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income.” This section of the tax code hopes to encourage business to spend money on growth and expansion. Its the American way, more growth equals to more market competition leading the way to lower prices to the customer.
As an independent contractor, this is the time to stock up on your used step van trucks. Purchasing a used step van truck now leads to building up a fleet. It can also, giving you a cushion if a truck needs repairs; all while being able to write it off this year in taxes, means you will be able to give less to Uncle Sam. Used step van trucks are great to get business through until the next peak business season. While right before peak shipping season it is best to buy new step van trucks.
With the expansion of online shopping, now is the time to amp up your fleet to meet the demands of all the deliveries. Yet, it important to note that section 179 does have some limits, a $500,000 limit that is. Check these step van trucks!