Lincoln Section 179 Tax Deduction Near Nocatee, FL
If you're the owner of a small- or medium-sized business, ensuring your company has all its transportation needs covered is essential. When expanding your business' fleet, you may be able to take advantage of the Section 179 tax deduction -- a tax incentive specifically created to support small businesses like yours. Created by the IRS, this tax code makes it easier for small companies to invest in themselves and grow!
Plan a visit to our Lincoln dealership near Nocatee today and discover how the Section 179 tax deduction can benefit your local business. Don't miss out on the opportunity to enhance your fleet while enjoying substantial savings!
2023 Section 179 Limits & Requirements
The Section 179 tax deduction offers tax benefits for various vehicles, including commercial vehicles, SUVs, trucks and other models that meet specific weight and design criteria. Depending on the classification of the vehicle, different deductions may apply. Because this deduction can apply to both new and used vehicles (what's important is that the vehicle is "new to you"), you may be able to claim savings on one of the used trucks in our inventory.
Certain "singular-use" commercial vehicles may qualify for 100% deductions, allowing businesses to fully write off their purchase costs. On the other hand, traditional passenger vehicles may qualify for partial deductions. This means that you may be able to partially deduct the costs of a new Lincoln SUV if it's used for business purposes at least 50% of the time.
For 2023, the Section 179 deduction limits are as follows:
- 2023 Deduction Limit: $1,160,000 -- applies to new and used equipment (must be new to the buyer).
- 2023 Bonus Depreciation: 80% -- valid for new and used equipment.
- Passenger vehicles (such as pickups or heavy SUVs) weighing between 6,000 and 14,000 pounds can achieve a maximum first-year deduction of up to $28,900 in 2023.1
Which Lincoln Vehicles Does Section 179 Apply To?
While many Lincoln models may qualify for partial deductions if used for business purposes at least half the time, we still recommend consulting with our Lincoln finance team for full details.
The following Lincoln models qualify as "heavy SUVs" and are therefore eligible for up $28,900 in deductions:
- Lincoln Aviator
- Lincoln Navigator
Buy a New Lincoln Near Me
To qualify for the Section 179 tax deduction, be sure to put your qualifying Lincoln vehicle into service by the end of the day onDecember 31, 2023. In the meantime, feel free to contact North Florida Lincoln to learn more about how this vehicle tax incentive works. Our dedicated auto sales team specializes in helping you explore the benefits of the Section 179 program, so feel free to visit our showroom to discover how a new Lincoln vehicle can elevate your business.
1 Information accurate at the time of publishing. Refer to https://www.section179.org for the most current specifics.