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If you are hoping to secure a Section 179 deduction in 2020, don’t delay any longer. Mercedes-Benz of West Chester is just a short drive from Monroe, so head on over today to get started! A Mercedes-Benz specialist from our team can personally show you around our inventory and set you up with a test drive of your favorite options. Have lingering questions about the Section 179 tax code? Contact us to start a conversation –– we’d be happy to discuss the benefits with you!
Thanks to Section 179 of the IRS tax code, your West Chester-area business may benefit from the ability to deduct up to $25,000 on a qualifying Mercedes-Benz vehicle purchase or lease in the current tax year. Put simply, if you buy or lease a Mercedes-Benz vehicle for business use, you could qualify to deduct the expense from your income. This makes the versatility, luxury, and reliability of Mercedes-Benz vehicles more accessible to a wider range of businesses in Cincinnati and Oxford! In the guide below, the team at Mercedes-Benz of West Chester provides all the details you need to know about Section 179 deductions.
Many companies are familiar with the standard tax treatment applied to the lease or purchase of capital equipment, in which the cost is depreciated over a period of several years. Through annual tax deductions, the company is able to recover at least a portion of the cost of the vehicle.
What is the benefit of the Section 179 tax code as opposed to the standard deduction process outlined above? Section 179 is a special rule to deduct the cost in the year of purchase or lease-start for small-to-medium sized businesses, making an eligible Mercedes-Benz vehicle even more affordable. The maximum Section 179 business vehicle write-off of $25,000 might be greater than your expenditure in the first year, therefore your investment in the lease or purchase of a Mercedes-Benz vehicle for your business becomes even more attainable.
After learning about the benefit of a 179 deduction, you probably want to know: “Can I Section 179 a vehicle?” If you’re the proud owner of a small-to-medium sized business, this substantial tax break can have a significant impact on your income.
To qualify for the Section 179 tax code, a leased or purchased vehicle must be a crossover, van, or SUV that is used for business purposes more than 50% of the time. Additionally, the gross vehicle weight rating (GVWR) must be no less than 6,000 pounds and no more than 14,000 pounds.
Mercedes-Benz of West Chester is the largest seller of Mercedes-Benz vans in the nation! We have a comprehensive commercial van inventory, as well as a crossover and SUV inventory, that can qualify for a business vehicle write-off. Some of the vehicles you will find at our dealership that qualify for a Mercedes-Benz tax deduction include: