What vehicles qualify for 2014 Section 179 deductions?
If you’re a business owner looking to purchase a new vehicle for your business in the near future, you may want to consider doing so soon: Section 179 allows for significant tax deductions for you on qualified vehicles, many of which you can find here at Palmen Motors in Kenosha WI. What vehicles qualify for 2014 Section 179 deductions? We’ll be happy to go over the requirements with you here, and we can always answer any lingering follow-up questions you may have in person or over the phone.
Remember: the deadline for purchasing and putting your new work vehicle into service is December 31, 2014. Act fast in order to give yourself time to decide on the right vehicle for your business. We have sales team members who specialize in these as well and can help you out with any concerns.
What are the limits on passenger vehicles for Section 179?
For the average passenger car, truck, or van (there are exclusions; see below) that you’re using over 50% of the time for business purposes, there’s a limit for your expense deduction of $11,060 for cars and $11,160 for trucks as well as vans.
Ambulance or hearse
Transport vans or taxi cabs used to transport people or things for hire
Vehicles that have been modified for your business, including taking out the seating behind the driver, exterior painted with company name, etc.
Some large SUVs (6,000+ lbs) may quality for expensing of up to $25,000
Vehicles that can be fully deducted 2014
Among those vehicles that qualify for a full deduction under Section 179 include:
Classic cargo vans
Vehicles that seat nine or more people (hotel shuttles, etc)
Trucks with at least six feet of cargo space that’s not accessible from the passenger area.
It doesn’t matter if the vehicle is new or pre-owned, as long as it’s new to you and you’re buying it to put into business use right away, or within this last month of 2014. It’s also alright for you to be financing the vehicle through a loan or purchasing it outright.