Drive Business, Save Money with Tax Incentives at Willis Automotive
Are you a business owner in the market for a vehicle update? Then, don’t miss your opportunity to take advantage of the Section 179 tax incentive. Under current tax depreciation laws, your business may be eligible to immediately deduct up to 100% of the purchase price of qualifying vehicles purchased in 2022 for business use.
You may deduct up to 100% of the purchase price of a qualifying vehicle purchased in 2022 and used in a trade or business. You may also qualify for a deduction of up to $18,000 for non-qualifying vehicles purchased in 2022 and used in a trade or business.
In addition, the purchase of a qualifying pre-owned vehicle may also qualify under these rules. Please consult your tax advisor for tax implications and savings opportunities.
With these tax depreciation laws, you can save this tax season on the vehicles your business purchases today. There’s never been a better time to add the quality and dependability of vehicles to your fleet.
Seven of our nine brand offer vehicles that qualify for this tax incentive. View Qualifying Vehicles.
About Section 179 Tax Incentives
- Section 179 of the IRC allows businesses to take an immediate deduction for business expenses related to depreciable assets such as equipment, vehicles, and software.
- This allows businesses to lower their current-year tax liability rather than capitalizing an asset and depreciating it over time in future tax years.
- Section 179 is limited to a maximum deduction of $1,080,000 and a value of the property purchased to $2,700,000 for the year 2022.