One of the more popular uses of the Section 179 Deduction has been for vehicles. In fact, several years ago the Section 179 deduction was sometimes referred to as the “Hummer Tax Loophole,” because at the time it allowed businesses to buy large SUV’s and write them off. While this particular use (or abuse) of the tax code has been modified with the limits explained below, it is still true that Section 179 can be advantageous in buying vehicles for your business (especially if you lease or finance the vehicles).
Vehicles used in your businesses qualify - but certain passenger vehicles have a total depreciation deduction limitation of $11,060, while other vehicles that by their nature are not likely to be used more than a minimal amount for personal purposes qualify for full Section 179 deduction. Here are the general guidelines for using the Section 179 Deduction for vehicle purchases (full policy statement available at: IRS.gov ).
Need Section 179 Qualified Financing for a vehicle?
1. Companies founded in 2014 and prior (minimum two years time-in-business) qualify.
2. Both the company and the owners must have good credit.
3. Vehicles will be titled in the company name (not the in company owner's name).
If the above two requirements are met: Apply Here to Qualify for Financing