Section 179, a business tax code, is a useful tool that offers tax deductions on select business equipment – such as vehicles – as an alternative to asset depreciation. It gives you a chance to deduct up to $27,000* of a qualifying vehicle from your business’s gross income during that tax year—that’s up to $5,670 in savings.** In some cases you may even be able to deduct the full purchase price of your vehicle. (Please consult your tax professional to find out if you qualify for the full amount). It’s especially helpful for small businesses who want their tax savings right away, rather than receiving them bit by bit over time through depreciation. It gives many businesses the financial leeway to purchase vehicles they need right away, rather than waiting.
Section 179 Tax Savings
Deduct up to $27,000*
that’s up to $5,670 in savings.**
Learn more about Section 179 here.
*$27,000 tax deduction for qualifying vehicles based on current Section 179 of U.S. tax code and maximum deduction permitted for such vehicles under Section 179. Vehicle must be purchased for business use. Please consult your tax professional for more information on applicability of deduction and whether you qualify for the maximum amount available.
**$5,670 tax savings based on 21% federal corporate tax rate and eligibility to claim full $27,000 IRS Section 179 tax deduction for qualified vehicles. Your tax rate and eligibility may vary. Please consult a tax professional for more information on your federal tax rate and potential tax savings available to you for qualifying purchases. This information does not constitute, nor is it intended to be, legal, tax, financial planning or investment advice and should not be relied upon as such.
Offer valid through December 31, 2022. For more details, visit www.irs.gov