10 Awesome Vehicles That Might Qualify as a Business Write Off
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Please note: This page is opinion for entertainment purposes only and is not tax advice.
The Section 179 Deduction can be utilized by businesses for certain qualifying vehicle purchases. Affectionately called the “Hummer Loophole”, this particular part of the law permits your business to purchase specific vehicles and deduct a portion of their cost. Many SUVs, for instance, make the list of Section 179 qualifying vehicles that weigh over 6,000 pounds. However, limits have been set to prevent the misuse of this deduction. (Darn!)
For large SUVs with a Gross Vehicle Weight (GVW) of 6,000 pounds or more, the claim limit is $28,900, which is less than the typical Section 179 limit. Still, something is always better than nothing. It’s important to note that SUVs aren’t the only qualifying vehicles. Vehicles with nine or more seats behind the driver’s seat, as well as pickup trucks with cargo beds six feet in length or longer, can also qualify.For details, see Section 179 Vehicle Deductions
The deduction’s purpose is for vehicles specifically used for businesses. For instance, business vans can be deducted. But the title of this article is “10 Awesome Vehicles…” so you won’t see any vans on the list. Vans are practical, yes, but they’re not awesome. Now, onto the list of “Top 10 Business Vehicles”. Keep in mind, this list is subjective and for entertainment purposes only.
1. Chevy Tahoe
At the top of the list is one of Motor Week’s “Best Large Utility Vehicles”, the Chevy Tahoe.. The performance is awesome, but its greatest features have to do with safety as it’s scored high on crash tests. This will make you feel great when driving around your family – er – “business passengers”.
2. Cadillac Escalade
Like the Chevy Tahoe, the Cadillac Escalade scores very high on crash tests. It also looks fantastic inside and out, but of course that’s what we expect from Cadillac. With a sticker price that’s more than double the $25,000 deduction limit, the Escalade is pricey, but well worth it.
3. Chevy Suburban
This old favorite has been around for what seems like the beginning of time. Like the older versions of the Chevy Suburban, the newer models are great too. With an upgraded suspension and the StabiliTrac, the Suburban ranks great in safety. Like all Chevy Suburbans, the exterior looks rugged, solid and sharp.
4. Ford Expedition
Like the other vehicles listed so far, the Ford Expedition’s best attributes lie within its safety features. With the AdvanceTrac with Roll Stability Control, you can’t go wrong. You will be able to write off almost the full amount of the Ford Expedition, but you’ll need to hold onto your savings because your gas tank will eat it all up. The estimated EPA for the Expedition is only 12 mpg in the city and 18 mpg on the highway.
5. GMC Yukon
With an awesome 320-horsepower, 5.3-liter V8 engine, the performance of the GMC Yukon is great, but more importantly, you guessed it – safety again. GMC makes an awesome SUV and it just had to be on the top ten list.
6. Toyota Land Cruiser
First of all, this vehicle is gorgeous. It has many amenities as it’s classified as a luxury SUV. The price is classified as “luxury” too, as you’ll find out. However, the quality you get in the Toyota Land Cruiser is worth the extra money. Did you know that the Land Cruiser hasn’t had any recalls on any of its year models since 1993? Now, that’s impressive!
7. Chevy Silverado
So, finally on a list of awesome vehicles, we get to a pickup truck. The list wouldn’t be complete without at least one. The best attribute about the Chevy Silverado is that it’s fun! The performance on this pickup is awesome. You will almost be able to write the entire amount off with the Section 179 Deduction, so go for it.
8. Mercedes-Benz GL-Class SUV
Of course, you know if it’s Mercedes-Benz, then it’s got to be classy. The GL-Class SUV is no different in that respect from all Mercedes-Benz vehicles. The other thing it has in common with other Mercedes-Benz vehicles is awesome performance and great convenience features. The gas mileage isn’t bad at 24 mpg on the highway, but the sticker price is hefty.
9. Ford F-series Super Duty
While the F-150 doesn’t qualify for the Section 179 Deduction, the Super Duty trucks do. Just remember that the cargo bed must be at least six feet long. As a small business owner, this gives you a great excuse to go all the way and get the Super Duty. Ford has always had a great reputation for its trucks and the Super Duty is a great example as to why.
10. Hummer H2
Of course we couldn’t have a top ten list for the best “Hummer Loophole” vehicles without a Hummer. As everyone knows, a Hummer looks great on the road, but this vehicle isn’t all about status. We can’t even hide that this might be for a business, so why even try? The Hummer H2 is amazing off-road. Hey, it’s a Hummer. You can’t hide it, so flaunt it.
What unique financing options are available for qualified business-use SUVs that weigh over 6,000 pounds?
Although most lenders avoid offering financing for business-use cars and SUVs, there are specialized programs that cater to this unique need. However, keep in mind these rare offerings often come with stringent credit requirements. Despite these hurdles, these programs can provide advantages such as separating personal and business assets, securing tax benefits, and simplifying accounting. Finding financing can be a crucial step for businesses seeking to make the most of Section 179 Deductions. Explore more about these exceptional financing options here
Disclaimer. No Tax Advice. The information on this website is for entertainment purposes only and does not, under any circumstances, constitute tax, legal or accounting advice in any manner. Views expressed are those of individual authors opined in their individual capacities only. Please consult your own accountants and tax advisors for competent advice.