What is the Section 179 Tax Deduction?
We know how important it is for you to run your Lawrence business smoothly, and that includes upgrading your fleet of vehicles. That’s why our experts at Aristocrat Motors Topeka are dedicated to helping you find a high-quality vehicle you can trust to get the job done right. No matter what style of vehicle you’re looking for to help build your fleet, you have the trusted team at Aristocrat Motors Topeka on your side, as well as Section 179. Did you know that you might be able to take advantage of the Section 179 deduction for your business when you purchase an eligible vehicle?
What is Section 179? The Section 179 deduction is designed to help you invest in your business by allowing you to write off a certain amount of your vehicle’s purchase price from your gross income. Section 179 deductions do have some nuances, though, so you’ll want to talk to a tax advisor if you’re considering taking advantage of it. In the meantime, our finance professionals at Aristocrat Motors Topeka are happy to go over the general details of Section 179 with you today! Continue reading with this guide from Aristocrat Motors Topeka to make heads-or-tails of what vehicles can qualify for the Section 179 tax deduction and more.
Section 179 Vehicle Qualifications
As we mentioned, there are some limitations to Section 179. Not every vehicle is eligible for tax deductions. However, technically any work vehicle that is strictly used for business purposes around Manhattan will almost always qualify. Standard passenger cars, trucks, and SUVs may also be eligible if they’re used for qualified business purposes 50% of the time.
It’s recommended that you talk to a tax professional in the Wichita area who knows the ins and outs of Section 179 before you make a final decision on a vehicle purchase for your business. Typically, if the vehicle has any of the following traits, there’s a good chance it qualifies for the Section 179 deduction:
- 9+ passenger seating capacity
- Fully-enclosed driver’s compartment
- No seating behind driver’s seat
- Gross Vehicle Weight Rating between 6,000 pounds & 14,000 pounds
If the vehicle doesn’t have any of these traits but 50% of the time it’s being used is for qualified business use, then it may still be eligible. Our suggestion is to reach out to a tax advisor you trust for extra guidance on Section 179 eligible vehicles.
Find a Section 179 Vehicle with the Help of Aristocrat Motors Topeka!
Now we’ve answered, “What is Section 179?” Are you ready to find your very own dependable vehicle to enhance your fleet and to help your business succeed? Aristocrat Motors Topeka has you covered. Let us know when you’re ready to grow your business fleet today, which starts with getting your credit approved online! Our team is always on the lookout for more ways to help your business succeed and grow, so reach out to us today.