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Section 179 Tax Savings with Mercedes-Benz of Hanover
How can Section 179 help you save?
Section 179 is a highly beneficial business tax code that allows deductions on select business equipment, including vehicles, as an alternative to asset depreciation. You could deduct up to $28,9001 of a qualifying vehicle from your business’s gross income during that tax year. That’s up to $6,069 in savings!2 You may even be able to deduct the total purchase price of your vehicle. Please consult your tax professional to determine if you qualify for the total amount. This can be incredibly helpful for small businesses that want their tax savings as soon as possible rather than receiving small amounts over time through depreciation.
Does my business qualify?
Your business vehicles may qualify if:
Purchased or financed qualifying new or used business equipment, including certain business-use vehicles, during the 2023 tax year.
Put the equipment into service between January 1, 2023, and December 31, 2023.
Used this equipment for business purposes more than 50% of the time.
Spent less than $4,050,000 on this equipment.
How much can I deduct?
You cannot write off more than $1,160,000.
The total cost of the equipment purchased cannot exceed $2,890,000. Beyond this amount, the deduction reduces on a dollar-for-dollar basis and is completely phased out once $4,050,000 is spent.
 $28,900 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 advisor. 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.
 $6,069 tax savings based on 21% federal corporate tax rate and eligibility to claim full $28,900 IRS Section 179 tax deduction for qualified vehicles. 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 much. Offer valid through December 31, 2023. For more details, visit www.mbvans.com/en/section-179-tax-deductions and www.irs.gov.