Section 179 Tax Savings

WHAT DOES THE 179 TAX SAVINGS DO FOR ME?

It gives you a chance to deduct up to $25,000 of a qualifying vehicle from your business’s gross income during that tax year—all at once.

In some cases you may even be able to deduct the full purchase price of your vehicle. (Please consult your tax professional to find out if you qualify for the full amount).

It’s especially helpful for small businesses who want their tax savings right away, rather than receiving them bit by bit over time through depreciation.

It gives many businesses the financial leeway to purchase vehicles they need right away, rather than waiting.

Section 179 Tax Savings

DOES MY BUSINESS QUALIFY TO GET THIS DEDUCTION?

$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 advisor. 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. **$6,405 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 consuit a tax professional for more information on your federal tax rate and potentia/ 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 on as such.

Section 179 Tax Savings

WHAT ARE THE DOLLAR AMOUNT LIMITS ON CLAIMING THIS TAX SAVINGS?

These are the limits:

• You cannot write off more than $1,000,000
• The total amount of the equipment purchased cannot be more than $2,500,000. It phases out dollar-for-dollar after that, so once $3,500,000 is spent, the deduction goes away entirely.