Are you in the market for a new or used vehicle for your small business? You may be eligible to take advantage of the Section 179 tax deduction when you file your 2019 taxes. This deduction can significantly lower your operating costs and put money back in your pocket. Learn more about the Section 179 deduction and start saving on your next Toyota truck or SUV model at Fred Beans Toyota.
What Is Section 179?
This deduction may sound complicated, but it's actually very simple. This current IRS tax code will allow you to deduct up to the full purchase price of qualifying commercial vehicle from your gross taxable income. You can deduct up to $1,000,000* for any vehicle or equipment that was purchased during the 2019 tax year. This deduction was designed to support local business owners and encourage them to purchase vehicles and equipment and invest in their business.
How Do I Quality For Section 179?
If you purchase or lease a vehicle for business use, you will qualify for this deduction. The vehicle must be used for business purposes more than 50% of the time in order for you to qualify. This is called the "More Than 50-Percent Business Use" requirement. You can find out your total deduction amount by multiplying the cost of the vehicle by the percentage of business use. This is the amount of your purchase that is eligible for the Section 179 incentive.
To take advantage of this deduction, you must purchase or lease the vehicle or equipment within the tax year, and the purchase must be put into service by December 31, 2019. Many of our trucks and SUV models at your home for Toyota models, both new and used, qualify for this business write-off as well as a 100 percent Bonus Depreciation. Our SUV models are eligible if they have a gross vehicle weight rating above 6,000 pounds but under 14,000 pounds.
It's time to take advantage of the Section 179 incentive. Have you had your eye on that new Toyota Tundra or Tacoma truck for the job site? Or maybe you are in the market for a versatile Toyota Land Cruiser or Toyota Sequoia for running those daily business errands around town. Our experienced team at Fred Beans Toyota can help you find the vehicle that can handle it all and help you save when it comes time to file your taxes. Visit Fred Beans Toyota and let us help you navigate the Section 179 tax deductions.
