Learn All About Your Section 179 Tax Deduction at Haron Land Rover

Are You a Business Owner? Discover Your Section 179 Tax Deduction

As a small business owner, you probably realize that every little bit of help counts when it comes to your financial needs. It's nice to be able to have some extra money in your pocket so you can reinvest in your company and continue to grow. We know that lots of companies have transportation needs, and that having a company vehicle is vital to the day-to-day operation of your business. The good news is that you can find a way to have these vehicles help you on your taxes with the Section 179 tax deduction.

Tax Depreciation Comparisons

These comparisons illustrate the tax depreciation advantages for business owners who purchase a new Range Rover, Range Rover Sport, Land Rover Defender 110 or Land Rover Discovery before December 31, 2020.**

$90,900 Range Rover* vs. $90,900 Luxury Car

Total allowable depreciation for the 1st year of ownership**


Range Rover VS. Luxury Car

Range Rover1

100%

Depreciation

$90,900

Luxury Car2

20%

Depreciation

$18,100

Shop Range Rover Inventory

$68,650 Range Rover Sport* vs. $68,650 Luxury Car

Total allowable depreciation for the 1st year of ownership**


Range Rover Sport VS. Luxury Car

Range Rover Sport1

100%

Depreciation

$68,650

Luxury Car2

26%

Depreciation

$18,100

Shop Range Rover Sport Inventory

$52,300 Land Rover Discovery* vs. $52,300 Luxury Car

Total allowable depreciation for the 1st year of ownership**


Land Rover Discovery VS. Luxury Car

Land Rover Discovery1

100%

Depreciation

$52,300

Luxury Car2

32%

Depreciation

$16,860

Shop Land Rover Discovery Inventory

$49,900 Land Rover Defender* vs. $49,900 Luxury Car

Total allowable depreciation for the 1st year of ownership**


Defender VS. Luxury Car

Land Rover Defender1

100%

Depreciation

$49,900

Luxury Car2

32%

Depreciation

$49,900

Shop Land Rover Defender Inventory

What is the Section 179 Tax Deduction?

While some tax deductions may seem like they are too complicated or complex to understand, the Section 179 tax deduction is not. In essence, this tax deduction allows small business owners to deduct the full cost of the equipment that was financed for that tax year. What that means is that if you bought a vehicle for your company over the past fiscal year, you may be eligible to deduct the whole purchase price from your gross income. This kind of deduction offers copious amounts of tax relief for small business owners who might be feeling the pinch extra hard this year.,/p.

Previously, when a small business owner bought a vehicle or equipment in the past, they would be allowed to deduct some of the cost year-by-year through depreciation. Most small business owners would rather just write it off all at once and that is what the Section !79 tax deduction allows you to do.

What are the Limitations of the Section 179 Tax Deduction

Like every good program, there are limits and exceptions to the Section 179 tax deduction. For example, small business owners can only write off up to $1,040,000 for the 2020 tax year. Also, the total amount of equipment purchased must not exceed $2,590,000. After all, Section 179 is designed for small businesses.

Contact Haron Land Rover

Do you need new vehicles for your business? There is still time to take advantage of the Section 179 tax deduction benefits for this year. Get in touch with one of the sales consultants at Haron Land Rover and let us show you everything we can offer small business owners with company vehicle needs.



** Comparisons based on Section 179 and 168(k) of the Internal Revenue Code, which allows for additional first year depreciation for eligible vehicles and reflects figures for owners who purchase vehicles for 100% business use and place vehicles in service by December 31, 2020.

* Price comparison figures are calculated using the Base Manufacturer's Suggested Retail Price for the 2020 Range Rover Standard Wheelbase. 2020 Range Rover Sport SE, 2020 Land Rover Discovery SE and 2020 Land Rover Defender 110 Base. Price excludes $1,350 destination.handling charge, tax, title, license, and retailer fees, all due at signing, and optional equipment.

1. Range Rover, Range Rover Sport, Land Rover Discovery and Land Rover Defender 110 are fully depreciated in year one.

2. Luxury car depreciation can continue year two at $16,100, year three at $9,700, and $5,760 per year for each succeeding year until the vehicle is fully depreciated or sold.