Section 179 Tax Deduction near South Bend, IN
Section 179 Tax Deduction
near South Bend, IN
Here at Lochmandy Motors, we take pride in helping local business owners expand their vehicle lineups and broaden their companies’ horizons. With the Section 179 Tax Deduction, it’s easy to save on the cost of vehicles that are used for business reasons. We have many vehicles that are eligible for the Section 179 Tax Incentive at our car dealerships near South Bend, IN, providing you with plenty of options to take your business to the next level. Whether you need a versatile cargo van, work-ready commercial truck or any other car, visit our local auto dealers today to buy a fleet vehicle before the end-of-year deadline!
What Is the Section 179 Tax Deduction?
The Section 179 Tax Deduction allows small- to medium-sized businesses to fully or partially write off the cost of vehicles that are used for company purposes. Vehicles that fully qualify for the entire Section 179 Tax Deduction must meet the following criteria:
- Fully enclosed driver’s compartment/cargo area
- No seating at all behind driver’s seat
- No body section protruding more than 30 inches ahead of the leading edge of the windshield (i.e., a classic cargo van)
- Vehicles that can seat 9+ passengers behind the driver’s seat
Personal vehicles that meet the following criteria can also be eligible for the deduction if used for business at least 50% of the time:
- Section 179 deduction limit of $11,160 for cars (including Bonus Depreciation)
- Section 179 deduction limit of $11,560 for trucks and vans (including Bonus Depreciation)
- Certain SUVs between 6,000 and 14,000 pounds qualify for up to a $25,000 deduction (including Bonus Depreciation)
The vehicle must also be placed into service by December 31, 2021, to be eligible for the Section 179 Tax Incentive.