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If you’re a business owner in Elizabethtown who’s dependent on a fleet of vehicles, listen up. By taking advantage of the Section 179 deduction offered by the Internal Revenue Service, you can save on your taxes while enhancing your new luxury fleet. Want to know how? Mercedes-Benz of Louisville has all of the essential information about that, as well as our selection of new vehicles.
The United States Internal Revenue Service has Section 179, which allows businesses in Shelbyville and across the country to deduct the full purchase costs of any qualifying vehicle that is bought or financed over the course of the tax year. More simply put, this means that if you’ve bought or leased a qualifying car for a business, you can subtract the expense from your income taxes
Section 179 is a great way to get the maximum amount of tax savings now. This means you can purchase that much-needed vehicle and get your tax savings now instead of over time with depreciation. This business vehicle write-off is great for small and medium sized businesses who want to invest in themselves by giving a tax break on certain purchases and leases, such as eligible new and used Mercedes-Benz vehicles. You can deduct up to $25,000from a qualifying vehicle from your business’ gross income in the same tax year. You might even be able to deduct the full purchase price, but we implore you to check with a tax professional first.
You will have to fulfill these conditions to get the Section 179 deduction:
There are dollar amount limits on the Section 179 deduction too. Here’s some handy advice:
In normal circumstances, the purchase or lease of equipment for your business is eligible for depreciation, which refers to an accounting procedure that deducts the expense in several annual installments. Section 179 makes the rules a bit more nuanced, allowing small and medium businesses to deduct the cost in the year you make your purchase or start your lease. This Section 179 deduction in 2020, which is as much as $25,000, might be greater than the amount of your payments for the first year. This way, the purchase or lease of an eligible Mercedes-Benz vehicle is exceptionally affordable for your business.
A Section 179 applies to SUVs and crossovers that are bought or leased by your business and not used for daily personal transportation. You’re going to need to have a gross vehicle weight (GVWR) between 6,000 and 14,000 pounds.
The Mercedes-Benz Sprinter van is perfect for your business, available in Minibus, Cab Chassis, and Van varieties. You can outfit your Sprinter anyway you’d like to make it perfect for any hauling and towing needs you have.
If you are hoping to secure a Section 179 deduction in 2020, don’t delay any longer. Mercedes-Benz of Louisviller is just a short drive from Clarksville, so head on over today to get started! We’ve got what it takes to get you perfectly financially situated, whether you’re driving out with a Sprinter for your business or a Mercedes-Benz E-Class for your driveway. Contact us to learn more.