Section 179 Deduction for Sale in Oklahoma City, OK
Take Advantage of The Section 179 Deduction
When taking your business in Oklahoma City, Norman, or Tulsa to new levels, consider upgrading your company fleet with a stunning selection of Land Rover luxury vehicles from Land Rover Oklahoma City. Land Rover offers premium SUVs with powerful engines, luxury amenities, and legendary all-wheel drive capabilities. Thanks to the new tax laws for 2022, you may be able to upgrade your company vehicles with amazing Land Rover models and write off the cost on your taxes.
What Is Section 179?
In an effort to help small businesses invest in themselves, Section 179 was created by the Internal Revenue Service. The tax code allows those businesses to write off up to 100 percent of the cost for qualifying company vehicles that are used to conduct business. To qualify for the section 179 deductions, the qualifying vehicle must be purchased and put into service no later than December 31, 2022.
Take advantage of this deduction by visiting your local Land Rover dealership, Land Rover Oklahoma City. Time is running out, so don’t delay. Stop by and check out the available selection of qualifying Land Rover vehicles that can carry your company into the future.
179 Deduction Limits for 2022
When you think of company vehicles, you typically think of service vehicles and work trucks for hauling gear or carrying massive machinery. While Section 179 is generally associated with commercial vehicles of this sort, the deduction can also be applied to other vehicles that meet specific weight and design criteria.
For 2022, Section 179 also recognizes certain passenger vehicles for at least a partial deduction, provided the vehicle is used for company business purposes at least fifty percent of the time. This means that the section 179 deductions can be applied to certain Land Rover SUV models currently available.
Building a business has many challenges and a ton of expenses. For that reason, the Section 179 deduction can also be applied to used vehicle purchases. We have a wide selection of quality pre-owned Land Rover vehicles for you to browse.
What Are the Deductions?
The tax year 2022 deductions for passenger vehicles under Section 179 are:
- Cars: $11,160 (all values include bonus depreciation)
- Trucks and Vans: $11,560
- Qualifying SUVs between 6,000 and 14,000 lbs.: $25,000
Because section 179 was created to help small and medium-sized businesses and not large corporations, there are limits to how much a company can deduct.
Qualifying Land Rover Models
Discover the outstanding selection of models that qualify for the section 179 deduction. These passenger vehicles will make a great addition to your company fleet, offering outstanding comfort and reliability.
Qualifying vehicles include:
- Range Rover
- Range Rover Sport
- Land Rover Defender
- Land Rover Discovery
Claim Your Deduction
Speak with our financial experts at Land Rover Oklahoma City and find out more about how you can use the Section 179 tax deduction to upgrade your company’s transportation capabilities. Our finance team is anxious to help you increase your business’s presence on the road with our fine selection of Range Rovers and Land Rover Discovery SUV models, giving you a fleet of luxury all-wheel drive vehicles for all your company’s transport needs.
Call or visit Land Rover Oklahoma City to learn more about Section 179 or to see our selection of Land Rover models in Oklahoma City.