Section 179 Deduction in Dover, DE
Do you plan to purchase or finance a new or used vehicle for your small business in Dover, DE? If so, you might be able to get a nice tax benefit. The Section 179 tax deduction lets you deduct all or part of the cost of your vehicle in the first year that you use it for business, so long as it qualifies.
Qualify for the Section 179 Deduction in 2022
The type of vehicles that can be considered for a Section 179 tax write-off include:
- Heavy SUVs, Trucks, and Vans that are more than 50% business-use and exceed 6000 lbs.
- Obvious “work” vehicles that have no potential for personal use.
- Delivery-type vehicles, like a cargo van or box truck with no passenger seating, can qualify.
However, we always recommend that you speak to an accountant or tax professional since the IRS occasionally issues updates and guidance to rules relating to Section 179.
Financing for Your Business Vehicle
You can finance your new and used SUV, truck, or van while taking a Section 179 deduction. An effective way to purchase the work vehicle you need and save on taxes. If your company is more than two years old with a good credit history, Section 179 qualified financing can help you save even more! Fill out our financing application to see if you qualify for an auto loan.