Jaguar Section 179 Deduction near West Mifflin, PA
Striking an impression is important for any business, so having the right vehicles to represent your brand is critical. That's why many companies turn to Jaguar SUVs and sedans. Did you know that your business can write off the costs of qualifying Jaguar vehicles with the Section 179 tax deduction? Section 179 is an IRS tax code that allows small businesses to invest in themselves by allowing them to deduct up to 100% of the costs of vehicles used for company purposes.1 Find out more about how you can take advantage of the Section 179 tax incentive when you stop by our Jaguar dealership near West Mifflin.
What Are the 2022 Section 179 Tax Deduction Limits?
Section 179 is most often associated with commercial vehicles, but it can also apply to certain models that meet specific weight and design requirements. Additionally, many passenger vehicles are eligible for partial deductions if they're used for business purposes at least 50% of the time. You can also apply the Section 179 deduction to used vehicles, so be sure to check out our pre-owned inventory. The Section 179 tax deductions for passenger vehicles in 2022 are:
- Cars: $11,160 (including Bonus Depreciation)1
- Trucks & Vans: $11,560 (including Bonus Depreciation)1
- Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1
Section 179 was designed to benefit small- and medium-sized businesses, rather than large corporations. For that reason, there are limits put in place for the amount that each company can deduct each year. For 2022, the Section 179 deduction limits are:
- 2022 Deduction Limit: $1,080,0001 -- valid on new and used equipment (must be new to the buyer).
- 2022 Spending Cap: $2,700,0001 -- the max amount that can be spent on equipment before the Section 179 Tax Deduction begins to reduce on a dollar-for-dollar basis.
- 2022 Bonus Depreciation: 100%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment.
Which Jaguar Vehicles Qualify for Section 179?
Many of the new Jaguar SUVs and cars on our lot are eligible for at least partial Section 179 tax deductions, including:
- Jaguar E-PACE
- Jaguar F-PACE
- Jaguar I-PACE
New Jaguar Sales near Me
Ready to elevate your business to new heights? Contact Jaguar Monroeville to speak with our team about how you can take advantage of the Section 179 tax incentive on your next Jaguar purchase. In order to qualify for the current tax year, all vehicles must be purchased and put into service by December 31, 2022 -- so hurry into our local Jaguar dealer soon!