Have you been considering investing in your small business this year with a new-to-you vehicle? If so, make Auto Mart USA your first and last stop. We have a vast inventory of used cars, trucks, SUVs and more, and we can explain how to claim a Section 179 tax deduction. This tax incentive can provide significant savings when filing 2024 taxes and enable local business owners to purchase a vehicle they may not have been able to afford otherwise.
Check out the pre-owned Chevy Express vans, Nissan Rogue SUVs and Toyota Tundra trucks we have at our used car dealers near Denver. Whether you want to upgrade your fleet of commercial trucks or write off the purchase of a fuel-efficient used car for your small business, we’ll match you with the perfect vehicle that’s eligible for the Section 179 tax deduction.
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 used cars, SUVs and trucks 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" and that it is put into service by December 31, 2024.
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.
Used Cars Near Denver, CO
Contact Auto Mart USA to learn more about the used SUVs we have on our lot or how you can request a specific vehicle on our website. From Certified Pre-Owned Ford trucks and SUVs to fuel-efficient Honda sedans and minivans, there’s something for everyone here.
When claiming Section 179 deductions on used cars, we always recommend you consult an accountant who specializes in taxation so they can advise you properly regarding eligibility requirements and filing procedures.
1 See dealer for details.
