Small Business Vehicle Tax Credit with Section 179

A large SUV can be necessary for everyday operation of any small business. The process of selecting the right one can be overwhelming and unclear as to what does and doesn’t qualify for reimbursement or tax credit. This is where the IRS comes in. Any vehicle weighing over 6,000 pounds can provide the opportunity to allow your business to deduct the cost of the vehicle from your taxable income. Evans INFINITI of Dayton is here to help you figure out the best vehicle choice for your business with the least amount of hassle and the most amount of savings.

WHAT IS THE 6,000-POUND VEHICLE TAX DEDUCTION?

The 6,000-pound vehicle tax reduction is available for any vehicle purchased under a business name or LLC. This vehicle is eligible for a deduction of up to $25,000 of a vehicle’s purchasing price on the following year's tax return under Section 179 federal tax code. The vehicle purchased must weigh over 6,000 pounds, but no more than 14,000 pounds, according to the gross vehicle weight rating.

For proof of business use, the IRS may require trips and mileage be logged or general usage description of the vehicle with the goal of allowing the vehicle to help your business grow.

QUALIFICATION GUIDELINES

Section 179 explains several conditions, apart from weight, that you must meet.

Must be a loan or lease agreement recognized by the IRS
The Business name or LLC must appear on the title of the vehicle
50% or more of the vehicle's usage must be for business purposes. Percentage of the deduction received directly correlates to the percentage of time the vehicle is used on the business. (i.e. 60% of the time the vehicle is used for business purposes, you will get $15,000 of the $25,000 eligible deduction)
Deductions for your business must not exceed $1 Million dollars, per the upper spend limit.

NEXT STEPS

Ready to purchase a vehicle for your business? Look no further than Evans INFINITI of Dayton. Our knowledgeable sales team is here to assist with all your questions and get you the best bang for your buck by taking advantage of the 6000-pound vehicle deduction AND becoming an Evans VIP Member today! Contact us today to get started.

* Evans Dealer Group does not provide tax or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax accounting advisors before engaging in any transaction.

WHICH INFINITI VEHICLES QUALIFY?

2022, 2023, & 2024 INFINITI QX60

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The new INFINITI QX60 seats up to 7 people across its three-row cabin. With a trunk cargo volume of 14.5 ft, this vehicle allows for an abundance of storage in addition to hauling all your coworkers. It also features wireless Apple CarPlay and Android Auto, one-touch release for third-row entrance and exit access, and an anti-locking braking system with brake assist for peace of mind.

2022, 2023, & 2024 INFINITI QX80
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The INFINITI line-up’s largest SUV, the QX80, is an ideal choice for business owners to get the most space. With three rows and up to 7 seats, this vehicle can hold the whole team! This large SUV gets up to 20 MPG, according to the EPA city/highway scale, and has up to an 8,500 towing capacity. This vehicle has no limit to the space it can provide.

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