Section 179 Tax Savings

 
Top of the line vans. Bottom line tax savings.
With Section 179 of the I.R.S. tax code, your business could deduct up to $25,900 - that's up to $5,439 in savings![1]



What business vehicle may qualify?

You may qualify if:

  • Are a business that purchased/financed qualifying new/used business equipment, including certain business-use vehicles, during the 2020 tax year.
  • Put the equipment into service between 1/1/20 and 12/31/20.
  • Used equipment for business purposes more than 50% of the time.
  • Spent less than $3,500,000 on equipment.
How much could I deduct?

  • You cannot write off more than $1,000,000.
  • The total amount of the equipment purchased cannot be more than $2,500,000.  It phases out dollar-for-dollar after that, so once $3,500,000 is spent, the deduction goes away entirely.

Section 179 highlights?

  • Section 179 allows qualifying businesses to deduct up to the full purchase price of certain new or used vehicles, equipment, and/or software purchased and placed into service during the tax year.
  • To qualify, the percentage of business use for the vehicle, equipment, or software must be more than 50%.
  • Vehicles must be a crossover, SUV, or truck that isn't ordinarily used for daily personal transportation with a gross vehicle weight rating (GVWR) between 6,000 and 14,000 lbs.
Choose the van that's right for your business.

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Disclaimer
$25,900 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. Vehicles 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. $5,439 tax savings based on the 21% federal tax rate and eligibility to claim full $25,900 Section 179 vehicle deduction. 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. Federal tax depreciation deductions are subject to change without notice. For more information, visit IRS.gov.
  1. Mercedes-Benz of Southampton

    575 County Road 39
    Southampton, NY 11968

    • Sales: (631) 240-4103
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