Lexus Section 179 Tax DeductionNear Norristown, PA
Are you looking to take your business to the next level with premium vehicles to serve your clientele? Come find out how you can take advantage of the Section 179 tax deduction the next time you buy a Lexus for your company! What's Section 179? It's an IRS tax code designed to help small- and medium-sized businesses invest in themselves by allowing them to write off up to 100% of the costs of vehicles purchased for business needs.1
In order to claim this vehicle tax credit for the current year, vehicles must be purchased and put into service by December 31, 2024, so hurry into our Lexus dealership near Norristown today.
2024 Section 179 Tax Deduction Limits
Section 179 allows businesses to write off up to 100% of expenditures for qualifying vehicles.1 While the full deduction typically applies to commercial vehicles and other "single-use" models, you can take advantage of partial deductions for many traditional passenger vehicles if used for business purposes at least 50% of the time. This means that many of the new Lexus SUVs and used cars on our lot may be eligible for the Section 179 deduction. It's also important to note that the Section 179 tax deduction can apply to both new and used vehicles -- what matters is that the equipment is "new to you."
There are also limits placed on how much a business can write off each year -- ensuring that the Section 179 tax incentive primarily benefits smaller businesses rather than large corporations. For 2024, the Section 179 limits are:
- 2024 Deduction Limit: $1,220,0001 -- valid on new and used equipment (must be new to the buyer).
- 2024 Spending Cap: $3,050,0001 -- the max amount that can be spent on equipment before the Section 179 tax deduction begins to reduce on a dollar-for-dollar basis.
- 2024 Bonus Depreciation: 60%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment.
Which Lexus Models Qualify for Section 179?
The 2024 Section 179 deductions typically apply to certain trucks and SUVs that weigh between 6,000 and 14,000 pounds. Vehicles that are eligible for the most deductions include pickup trucks with a full-size (8-foot) cargo bed, as well as heavy SUVs (max deduction: $30,500).1
The Lexus LX falls within this weight requirement, making it eligible for partial deductions depending on how much it's used for business purposes. Other vehicles may qualify; see your tax professional or one of our Lexus finance professionals for more details.
New Lexus SUVs Near Me
Ready to expand your fleet with a new Lexus LX SUV or one of the used trucks in our inventory? Contact Wilkie Lexus to speak with our team about how you can take full advantage of the Section 179 tax incentive. We look forward to seeing you at our Haverford Lexus dealer soon!
1 Information accurate as of publishing date. Please consult https://www.section179.org for the most up-to-date details.