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Section 179 Tax Savings 

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What Is Section 179 • What Kind of Business Vehicles Can Qualify • How Much Can You Deduct • Highlights of Section 179

What Is Section 179? 

Section 179 is a business tax code that offers business owners tax deductions on certain kinds of business equipment, including commercial vehicles. This helps business owners combat their assets depreciating. This can help business owners in the La Quinta area like you have a chance to deduct up to $30,500* for a qualifying vehicle from your business’s gross income for the appropriate tax year. This can add up to about $6,405** in savings. Sometimes, you might be able to deduct the full purchase price of your business vehicle, but you’ll want to consult your designated tax professional to see what you qualify for. 

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What Kind of Business Vehicles Can Qualify? 

If you own a business near Palm Desert and want to take advantage of these unique tax savings, you might be wondering what kind of vehicles in your business can qualify for the Section 179 benefit. If you meet any of the following criteria, you may qualify: 

  • Are a business that purchased or financed qualifying new or used business equipment, including certain business-use vehicles, during the 2024 tax year
  • Put the equipment into service between January 1, 2024, and December 31, 2024
  • Used this equipment for business purposes more than 50% of the time
  • Spent less than $4,270,000 on this equipment

How Much Can You Deduct? 

If you have a vehicle that qualifies for the Section 179 benefit, the amount you’ll be able to deduct will vary depending on certain factors. Here are the limits of how much you can deduct: 

  • You can’t write off more than $1,220,000.
  • The total amount of the equipment purchased can’t exceed $3,050,000. Once $4,270,000 is spent, the deduction goes away entirely.

Highlights of Section 179

What other benefits are there to the Section 179 tax code? Here are some unique advantages that Palm Desert-area business owners can look forward to: 

  • Ability to deduct up to the full purchase price of certain new or used vehicles, equipment, or software purchased and placed into service during the tax year
  • Equipment or software must be used for more than 50% of business purposes

*$30,500 tax deduction for qualifying vehicles based on current Section 179 of U.S. tax code and maximum deduction permitted for such vehicles under Section 179. Vehicle must be purchased for business use. Please consult your tax advisor. This information does not constitute, nor is it intended to be, legal, tax, financial planning or investment advice and should not be relied upon as such.

**$6,405 tax savings based on 21% federal corporate tax rate and eligibility to claim full $30,500 IRS Section 179 tax deduction for qualified vehicles. Your tax rate and eligibility may vary. Please consult a tax professional for more information on your federal tax rate and potential tax savings available to you for qualifying purchases. This information does not constitute, nor is it intended to be, legal, tax, financial planning or investment advice and should not be relied upon as much.​

Offer valid through December 31, 2024. For more details, visit www.mbvans.com/en/section-179-tax-deductions and www.irs.gov

Mercedes-Benz of Palm Springs 33.7942723, -116.5019826.