Section 179 Tax Deduction

What Is Section 179?

Section 179 of the IRS tax code provides businesses with the opportunity to deduct the entire purchase price of qualifying vehicles bought or financed within the tax year. This valuable incentive allows you to write off the full cost of eligible vehicles, making it a smart and cost-efficient way to enhance your business fleet. To benefit from this deduction for the 2024 tax year, vehicles must be purchased and in service no later than December 31, 2024.

How Does Section 179 Work?

Section 179 allows businesses to deduct the entire cost of qualifying vehicles with a Gross Vehicle Weight Rating (GVWR) over 6,000 pounds as a business expense. Unlike traditional depreciation that spreads the deduction over several years, Section 179 enables you to take the full deduction in the year the vehicle is placed in service. This can provide significant tax savings for businesses investing in heavy-duty vehicles.

Why Should i Take Advantage of Section 179?

• Immediate Tax Savings: Deduct the full cost of eligible vehicles to reduce your taxable income.
• Improved Cash Flow: Save money now, making it easier to reinvest in your business.
• High Deduction Limit: For 2024, the maximum Section 179 deduction is $1,080,000, giving you flexibility to make substantial investments in your fleet.

Vehicles That Qualify

Several of our models meet the GVWR requirement for Section 179, offering luxury, performance, and practicality for your business. Eligible models include:

• Range Rover
• Range Rover Sport
• Defender 90 and 110
• Discovery
• Discovery Sport
• Range Rover Velar
  
• Range Rover Evoque
  
• Range Rover Evoque R-Dynamic