DID YOU KNOW THAT SELECT CARS QUALIFY FOR BUSINESS VEHICLE TAX DEDUCTIONS

Time is running out to take advantage of the 2022 business vehicle tax deductions and Warren Henry Auto Group wants you to take full advantage! Before we name the various models we carry that are eligible for these tax deductions, here is a little background information about what is necessary to meet the tax deduction criteria. Of course, we recommend validating all information with your accountant.

If you are the owner of business, you could be missing out on vehicle tax deductions. Did you know that Section 179 of the IRS tax code allows for a business to deduct the price of qualifying equipment such as vehicles purchased during the tax year.

Vehicles with a GVWR (gross vehicle weight rating) over 6,000 pounds, but not more than 14,000 pounds, allow for a 100% depreciation in the current tax year, provided the vehicle is bought and put into service before January 1st, 2023, and used entirely for business.

 However, the vehicle must meet a couple conditions: 

  • The vehicle can be either new or used; however, it must be purchased in an “arm’s-length” transaction that has been financed with qualified loans and leases and the title of the vehicle must be in the company’s name and not in the name of the company owner.
  • At least 50% of the time, the vehicle should be used for business purposes and if the vehicle is not used completely for business purposes, 100% of the time, then there is a reduction of depreciation limits by the corresponding percentage of personal usage.
  • You can claim the Section 179 deduction only in the tax year in which the vehicle has been put into service i.e. when the vehicle is ready and available.
  • Also, a vehicle that has been used for personal purposes first does not qualify for the Section 179 deduction if its purpose is changed to business use in a later year.

Note: Individual tax situations may vary. Please consult your tax advisor for complete details on rules applicable to your business.

Our dealerships sell many of the models that you can use to take advantage of these deductions. Select models of Land Rover, Lincoln, INFINITI, Audi, Ford, and Jeep all fit the description. If you are a potential client interested in purchasing a Land Rover; Defender, Range Rover, Range Rover Sport, or Discovery Full Size all meet the weight requirements.

The Audi Q7 which we carry at Audi Gainesville would also be great match! If you’re a Ford enthusiast the Ford Expedition, Explorer, and the F-150 all fit the criteria. For those who love an INFINITI, the QX60 and QX80 would be perfect! The Jeep Grand Cherokee from our Keys Auto Center is also a good option if you’re a Jeep fanatic. Our newest brand addition to the Warren Henry Auto Group, Lincoln, carries the Navigator which would also serve as great option to use as a business vehicle. There are so many possibilities!

To claim the Section 179 tax incentive for the current tax year, all vehicles must be purchased and put into service by December 31, 2022, so hurry into our dealerships to get your car-shopping process started. Happy Savings!

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Warren Henry Auto Group 25.9151859, -80.1540269.