Section 179 Tax Deduction Blue Springs MO

*The information provided here is intended as a general overview of the Section 179 Deduction. You should always consult with a tax professional on business tax deductions. It should not be construed as tax advice or as a promise of potential tax savings or reduced tax liability. Individual tax situations may vary. Federal rules and tax guidelines are subject to change. For more information about the Section 179 expense write-off or other business vehicle expense write-offs, you should consult your tax advisor for complete rules applicable to your transaction and visit the Internal Revenue Website at www.irs.gov. This analysis applies only to vehicles placed in service in the United States after January 1, 2024 and by December 31, 2024 with no written binding contract for acquisition in effect before January 1, 2024. The aggregate deduction of $1,220,000 under Internal Revenue Code Section 179 is most beneficial to small businesses that place in service less than $3,050,000 of "Section 179 property" during the year (vehicles and other business property). IRC Section 280F(d)(7(B) requires that the limitation under IRC Section 280F(a)(1) be adjusted annually, based on the CPI automobile component for October of the preceding year. The IRS officially announced the Section 280F depreciation limits in Revenue Procedure 2018-23. The passenger automobile imitation is $11,160, the trucks/vans under 6,000 lbs. limitation is $11,560. SUV's over 6,000 pounds GVWR are limited to a deduction of $25,000 under Section 179(b)(5) with the remaining basis in the vehicle depreciated under normal MACRS methods. The expensing restrictions under Section 280F do not apply to vehicles that are considered to be "qualified non-personal use vehicles" (QNUVs). A QNUV is generally a vehicle that, by virtue of its nature or design, is not likely to be used more than a de minimis amount for personal purposes. For more information, see Income Tax Reg., Sec. 1.280F-6(c)(3)(iii), Income Tax Reg. Sec. 1.274-5T(k), and Revenue Ruling 86-97, and contact your tax advisor for details. Consult your tax advisor as to the proper tax treatment of all business-vehicle purchases. All prices exclude taxes, title and registration and document fees. Not all buyers will qualify for all offers. Above total savings are examples of specific vehicles; total savings varies by vehicle. (Individual Vehicle Incentives and Offers go here) Available at participating dealers only. For all offers, take new retail delivery from dealer stock by 12/31/2024. See dealer qualifications and complete details. All incentives were correct at the time of printing and are subject to change at any time. Models shown may not represent the actual vehicle description listed, and therefore may include additional features and/or accessories.