Section 179 Tax Deduction in Oklahoma

What is the Section 179 Deduction?

IRS Tax Code Section 179 allows business owners to deduct a portion, or in some cases fully deduct a depreciated asset’s purchasing costs. This allows businesses to deduct these costs in the first year of purchase.

The incentive was created by the IRS for business owners to invest in their company’s operations and overall growth by purchasing equipment, vehicles, and many other depreciable assets to create further advancement.

Qualifying for Section 179 Deduction

A majority of small to mid-sized businesses can qualify for Section 179 of the IRS Tax Code but may not be taking advantage of this incentive. If a business purchases, leases, or finances a new or used vehicle and begins using the vehicle in service within the same tax year, it will qualify for the tax deduction.

This deduction can act as a cushion on the finances that can be beneficial when used properly inside a business’ operations.

What Qualifies a Vehicle for Section 179?

Any new or certified pre-owned vehicles purchased by a business qualify for the Section 179 deduction if the weight requirement is met (6,000 lbs.). The full-size Range Rover Sport and full-size Land Rover Discovery both meet the IRS weight requirement. As well as the LandRover Defender 110 and 130 – therefore qualifying for the Section 179 tax incentive.

If you are a business owner looking to file for tax savings under this incentive, consult with your tax advisors to learn more about the requirements in further detail.

Land Rover Models That Qualify for Section 179

Land Rover offers multiple vehicles that meet the weight requirement for tax code Section 179. All Land Rover models that qualify for Section 179:

• Full-Sized Range Rover Sport
• Full-Sized Land Rover Discovery
• Land Rover Defender 130
• Land Rover Defender 110

If you’ve decided to take advantage of the tax code, Land Rover Oklahoma City would love to help you pick the right model for your business.