AdChoices
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 top 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, 2022, so hurry into our Lexus dealership near Norristown today.
2022 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 "non-SUV" models and trucks with a cargo area at least six feet in length, 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 cars on our lot may be eligible for the Section 179 Deduction. You can also apply Section 179 to used vehicle purchases, so be sure to check out our inventory to see what we have in store. The 2022 Section 179 deductions for passenger vehicles are as follows:
- Cars: $11,160 (including Bonus Depreciation)1
- Trucks & Vans: $11,560 (including Bonus Depreciation)1
- Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1
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 2022, the Section 179 limits are:
- 2022 Deduction Limit: $1,080,0001 -- valid on new and used equipment (must be new to the buyer).
- 2022 Spending Cap: $2,700,0001 -- the max amount that can be spent on equipment before the Section 179 Tax Deduction begins to reduce on a dollar-for-dollar basis.
- 2022 Bonus Depreciation: 100%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment.
Which Lexus Models Qualify for Section 179?
Many of the new Lexus vehicles on our lot may be eligible for at least partial Section 179 deductions, including:1
- Lexus LX
- Lexus GX
- Lexus UX
- Lexus NX
- Lexus RX
- Lexus RX L
New Lexus SUVs near Me
Ready to expand your fleet with new Lexus vehicles that will add prestige and refinement to your business? 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 See dealer for details.