Section 179 Tax Deduction

Is your business on the move in Centerville? You could take advantage of the Section 179 tax deduction and save on your taxes next year. The federal government created this tax deduction to assist small and medium-sized businesses save on qualifying vehicles. However, these days, most businesses qualify for this lucrative tax deduction. Performance Honda Bountiful is proud to offer North Salt Lake business owners the expertise necessary to maximize their tax savings with this impressive tax deduction.

What is Section 179?

The Internal Revenue Service, or IRS, created the Section 179 tax code to help small and medium-sized businesses grow and expand, but any business can currently benefit from this tax break. Qualifying businesses can deduct up to $1,160,000 on commercial vehicles and other qualifying business equipment. Business owners in Sandy stand to save tons of money on new, used, or certified pre-owned vehicles with the Section 179 tax deduction.

Have you purchased a new vehicle for your business within the past year? If the titles for all of these vehicles have been registered in your business’s name and you’ve placed them in service by December 31, 2023, you’re on the right track. How do you know if you qualify? Find out below!

Which Vehicles Qualify for the Section 179 Tax Break?

Here are the qualifications needed for this tax deduction. They are not all-inclusive, so if you fulfill one of the qualifications, you may still qualify:

• The vehicle can seat a minimum of nine passengers.
• The vehicle has a fully enclosed driver’s compartment or cargo area without seating behind the driver’s seat or a body section extending 30 inches or more past the windshield.
• If you purchase a passenger truck or SUV instead of a commercial vehicle, you must use them for business purposes at least 50% of the time. Any use of these vehicles for non-business purposes hampers your ability to get the maximum depreciation.

The full Section 179 expense deduction with Bonus Depreciation Maximum is $11,160 for cars and $11,560 for trucks and vans. Here are a few exceptions to this rule:

• If your vehicle is an ambulance or a hearse
• If your vehicle is a taxi or another transportation vehicle
• If your vehicle has been customized to enhance your business
• If you’ve got a heavy, non-SUV vehicle with a cargo area 6 feet in length at minimum

Which of Our Vehicles Qualify?

Here at Performance Honda Bountiful, we sell a bevy of commercial vehicles to Centerville and North Salt Lake business owners looking for a deal. Here are just a few of the vehicles that qualify for Section 179:

• Odyssey
• And more!

We’re always offering new Honda specials — just in case your vehicle doesn’t qualify for the Section 179 tax break.

We’re Ready to Help Business Owners

Now that you know the facts about the Section 179 tax deduction, we’re ready to assist you in fulfilling your business needs. Contact us on our convenient online web form to get in touch with someone from our sales staff, or simply drive over to Bountiful to talk to us in person.