Section 179 Tax Savings Your Business Could Deduct up to $30,500 for Your Range Rover, Range Rover Sport, Defender, or Discovery
What is Section 179?
Section 179 is a business tax code that allows business owners to take deductions on select equipment, instead of claiming asset depreciation. Under this code, if you purchased a qualifying vehicle, you could deduct up to $30,500* from your business’ gross income. Some cases even allow you to deduct the full purchase price. This can be especially helpful for small business owners, as it allows them to purchase the vehicles they need right away and receive larger tax savings up front rather than in small increments over time (through depreciation). Please consult your tax professional to see how much you qualify for.
Business Qualifications
You may qualify if:
- Your business purchased or financed qualifying new or used business-use vehicles
- You used said vehicles for business purposes more than 50% of the time
- You spent less than $3,050,000 on your business equipment (including vehicles)
Dollar Amount Limits
- The maximum you can write off is $1,220,000
- Your total business equipment purchases can not exceed $3,050,000
*$30,500 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. $5,502 tax savings based on 21% federal corporate tax rate and eligibility to claim full $30,500 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 such. For more details, visit www.irs.gov