What is Section 179 Deduction for Vehicles
The Section 179 of the IRS tax code allows businesses to deduct the full purchase costs of any qualifying vehicles that are bought or financed during the tax year. In other words, if you buy or lease a car for your business, you may qualify to subtract the expense from your income. Learn more about the Section 179 Tax Deduction when you visit our Metris and Sprinter dealership in Peabody, MA!
Section 179 Deduction at Flagship Motorcars Commercial Vans
Receive a tax-deduction of up to $25,000 when you buy or lease an eligible Sprinter or Metris van. Under Section 179, your small- or medium-sized business can receive rewarding tax breaks for investing in itself. This section of the tax code applies to certain leases and purchases, including several new and used Sprinter and Metris models.
The Tax Benefit of Section 179
The normal tax treatment applicable to the lease and purchase of capital equipment is to depreciate the cost over several years. In this way, the company recoups part of the cost through annual tax deductions. Section 179 is a special accounting procedure that permits a small- or medium-sized company to deduct the cost of eligible leases and purchases in the current tax year. The maximum Section 179 write-off of $25,000 might be greater than your outlay in the first year, making your Sprinter lease or purchase even more affordable.
What Vans Are Eligible for Section 179 Deduction?
Your business' bottom line benefits by the sizeable tax break that Section 179 provides when leasing or purchasing an eligible vehicle. For a leased or purchased vehicle to qualify for Section 179 tax treatment, it must be a van that is not normally used as a personal daily driver. In addition, the vehicle must have a gross vehicle weight rating (GVWR) of 6,000 to 14,000 pounds.
- Sprinter: This versatile business vehicle is available in Cab Chassis, Minibus, and Van layouts. Whatever industry you're in, you can upfit the brawny Sprinter for almost any towing or hauling need.
- Metris. The Metris Commercial Van is available in Cargo Van or Passenger Van layouts. Come test-drive a new Metris at Flagship Motorcars Commercial Vans.
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