Section 179 Tax Savings

Section 179 of the I.R.S. tax code offers significant deductions on qualifying business vehicles.

What business vehicles may qualify?

You may qualify if you:

  • Are a business that purchased or financed qualifying new or used business equipment, including certain business-use vehicles, during the 2020 tax year.
  • Put the equipment into service between January 1, 2020, and December 31, 2020.
  • Used this equipment for business purposes more than 50% of the time.
  • Spent less than $3,500,000 on this equipment.

How much could I deduct?

These are the limits:

  • You cannot write off more than $1,000,000.
  • The total amount of the equipment purchase 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

You may qualify if you:

  • 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%.

 

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$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. Vehicle 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 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.Back to content↑.

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843-628-4889

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1513 Savannah Highway • Charleston, SC 29407

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Baker Motor Company of Charleston 32.7844494, -80.0041629.