Section 179 | 2022
Save on commercial vehicles with this IRS Tax Deduction!
Keep Your Money!
Section 179 of the IRS tax code can offer unique benefits and advantages to business owners, making your new vehicle purchase even more rewarding! If you made a profit in 2022, you can reduce your tax liability by up to $1,080,000 by purchasing eligible vehicles and taking advantage of Section 179. With this tax deduction, business owners have the ability to write off up to the full purchase amount of a vehicle so long as that vehicle is used for business purposes more than 50% of the time.
Deduction Limit = $1,080,000
This deduction is good on new and used vehicles. To take the deduction for tax year 2022, the equipment must be financed or purchased and put into service between January 1, 2022 and the end of the day on December 31, 2022.
Spending Cap on Equipment Purchases = $2,700,000
This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar-for-dollar basis. This spending cap makes Section 179 a true "small business tax incentive"
Bonus Depreciation = 100%
Bonus Depreciation is generally taken after the Section 179 Spending Cap is reached. Note: Bonus Depreciation is available for new equipment only.
Not all vehicles are eligible for Section 179. Visit www.irs.gov for more information.
The information supplied here is provided by your local car dealer as a public service to its customers. It should not be construed as tax advice or as a promise of potential tax savings or reduced tax liability. Individual tax situations may vary. Federal rules and tax guidelines are subject to change. For more information about the Section 179 expense write-off or other business vehicle expense write-offs, you should consult your tax advisor for complete rules applicable to your transaction and visit the Internal Revenue Website at www.irs.gov. This analysis applies only to vehicles placed in service in the United States after January 1, 2022 and by December 31, 2022 with no written binding contract for acquisition in effect before January 1, 2023. For more information, see Income Tax Reg., Sec. 1.280F 6(c)(3)(iii), Income Tax Reg. Sec. 1.274 5T(k), and Revenue Ruling 86 97, and contact your tax advisor for details. Consult your tax advisor as to the proper tax treatment of all business-vehicle purchases. All prices exclude taxes, title and registration and document fees. Not all buyers will qualify for all offers. Above total savings are examples of specific vehicles; total savings varies by vehicle. (Individual Vehicle Incentives and Offers go here) Available at participating dealers only. For all offers, take new retail delivery from dealer stock by 12/31/2022. See dealer qualifications and complete details. All incentives were correct at the time of printing and are subject to change at any time. Models shown may not represent actual vehicle description listed, and therefore may include additional features and/or accessories.