At Bryan Easler Toyota, we're committed to empowering small businesses and their growth. One way we accomplish this is by guiding our clients on how they can leverage the Section 179 tax deduction. This IRS tax code was devised to support small to medium-sized business owners by enabling them to deduct the cost of qualifying vehicle purchases.
Despite being prominently used for trucks like the durable Toyota Tundra, it's not limited to them -- you can also utilize this commercial vehicle tax deduction for SUVs like the Toyota 4Runner. Get in touch with the experienced sales team at our Toyota dealer near Tryon today and learn more about how you could benefit from Section 179 when purchasing a new-to-you vehicle!
Understanding The 2023 Section 179 Deduction Limits
Before you decide on that new Toyota truck or SUV from our lot, it's essential that you understand the benefits and limitations of Section 179 deductions. If you finance a new or used vehicle, such as a reliable Toyota model, within the 2023 tax year, then you may qualify for these deductions! Remember though, it must be put into service before December 31st, 2023.
Here are some key points about the deduction limits for 2023:
- 2023 Deduction Limit: $1,160,000 -- applicable on both new and used equipment.
- 2023 Spending Cap: The total amount that can be spent before your Section 179 Tax Deduction begins decreasing dollar-for-dollar.
- 2023 Bonus Depreciation: 80%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment.
Moreover, you can write off up to 100% of the purchase price of your vehicle when you buy a new or used Toyota near Tryon. Vehicles that qualify for Section 179 tax deductions can include:
- Vehicles mainly used for business -- this can include work trucks
- Shuttle vans that seat 9+ passengers behind the driver's seat
- Classic cargo vans with fully enclosed driver's compartment/cargo area, no seating behind driver
- heavy equipment
- Over-the-road Tractor Trailers
- "Singular use" vehicles like ambulances or hearses
Which Toyota Vehicles Qualify for Section 179?
Whether your preference leans towards a robust pickup truck or a versatile SUV, there are many Toyota vehicles on out lot that qualify for Section 179 deductions including:
If you have any remaining questions regarding Section 179, don't hesitate to contact Bryan Easler Toyota. Our experienced Toyota sales staff will be glad to show you how you can get the maximum benefits out of these deductions. Visit us at our local dealership before the end of the year and the buy perfect car that fits your business needs, all while enjoying great savings too!