Ron Currier's Hilltop Chevrolet -

Learn Here About Federal Tax Savings and Tax Credits on Commercial Trucks and Hybrid Vehicles.

You could $AVE THOUSANDS over and above your vehicle purchase price or commercial lease payment!

Tax Credits for Chevrolet Volt & Chevrolet Bolt

In most cases, the purchase or lease of a hybrid vehicle, electric vehicle or other alternative fuel vehicle qualifies you for a Federal tax credit of up to $7,500! Follow the link below to find out more detailed information:

Federal Tax Credits for Alternative Fuel Vehicles

Vehicle Write-Offs

In some cases, you may be able to write-off a commercial vehicle purchase entirely. Certain vehicles with a GVW (Gross Vehicle Weight) over 6,000 lbs. qualify under Section 179 election to expense. These include: 1) Vehicles with a cargo area 6 feet in length that is not accessible via the passenger compartment, 2) 9-passenger vans and 3) vehicles without rear seating.

Check with your tax accountant for a complete list of qualifying vehicles or visit www.irs.gov for more detailed information.

Tax Benefits

Not surprisingly, the larger commercial trucks receive the highest tax benefits. Vehicles with a GVW (Gross Vehicle Weight) between 6,000 and 14,000 lbs. will qualify for Section 179. This allows you to expense up to $25,000 as well as 50% bonus depreciation and regular depreciation.

If you purchased a new truck for $40,000 and the truck has a GVW of 6,700 lbs., your depreciation breaks out as follows:

Section 179 election to expense: $25,000

50% bonus depreciation ($15,000 x 50%): $7,500

Regular depreciation ($7,500 x 20%): $1,500

Total current year depreciation deduction: $34,000

If you purchase a vehicle with a GVW less than 6,000 lbs., there are depreciation limits, including:

$8,000 bonus depreciation

$11,160 for passenger cars

$11,560 for trucks and vans

Always check with your tax accountant for the latest tax code updates.