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. The amount you could deduct depends on the vehicle’s total cost and the business use percentage, which must be at least 50%.
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 pre-owned business equipment, including certain business-use vehicles, during the 2024 tax year.
Put the equipment into service between January 1, 2024, and December 31, 2024.
Used this equipment for business purposes more than 50% of the time.
Spent less than $4,270,000 on this equipment.
How much can I deduct?
Deduction guidelines:
You cannot write off more than $1,220,000
The total cost of the equipment purchased cannot exceed $3,050,000. Beyond this amount, the deduction reduces on a dollar-for-dollar basis and is completely phased out once $4,270,000 is spent.
