Take Advantage of Tax Time

 

POTENTIAL 2022 BUSINESS VEHICLE TAX DEDUCTION

Take advantage of your business purchase and the opportunity to get a potential tax deduction when you purchase a qualifying vehicle by 12/31/2022. Show your taxes who’s boss this season!

There are some limitations to the expense deduction, including vehicle eligibility. Additionally, your vehicle must be in business use at least 50% of the time in order to qualify.

Up TO 100% OF A DEDUCTION OF THE PURCHASE PRICE

QX60

QX80


* The incentives referenced are for informational purposes only. This information does not constitute tax or legal advice. All persons considering use of available incentives and additional perks should consult with their own
tax or legal professional to determine eligibility, specific amount of incentives available, if any, and further details. The incentives and additional perks are not within INIFNITI’s control and are subject to change without notice.
Interested parties should con rm the accuracy of the information before relying on it to make a purchase. Additionally, there is a $2.5 million cap that applies to both deductions listed above.

What is Section 179?

Businesses can deduct the full purchase price of qualifying equipment purchased during the tax year. This means that work trucks and vans that your customers buy (or lease) are likely eligible for this incentive. 

The maximum deduction for 2022 is up to $1,080,000 and buyers will need to elect it; the deduction will not be applied automatically.

Are there restrictions?

Both new and pre-owned vehicles are eligible; however, it’s important to note that vehicles purchased must be in service before December 31, 2022 to qualify.

In addition, vehicles purchased need to be used primarily for business purposes. If personal use is greater than 50%, it will not qualify for the Section 179 deduction.

This is a great incentive for small and medium-sized businesses to add new work vehicles that improve reliability and/or improve efficiency.

 

sECTION 179 CALCULATOR
https://www.section179.org/section_179_calculator/

Example Calculation Using the Section 179 Calculator


Using a $75,000 equipment cost for a sample calculation shows how taking advantage of the Section 179 Deduction can significantly lower the true cost of the equipment purchased, financed or leased. In our example, $75,000 in equipment purchased has a true cost of $48,750. That’s $26,250 saved. Would you like an extra “25 grand-plus” this year on equipment you needed anyway?
In order to qualify for the Section 179 Deduction, the equipment must be purchased, financed or leased equipment and put into service by December 31 of this year!

⚠ WARNING!: Operating, Servicing and Maintaining a passenger vehicle or off-road vehicle can expose you to chemicals including engine exhaust, carbon monoxide, and lead, which are known to the State of California to cause cancer and birth defects or other reproductive harm. To minimize exposure, avoid breathing exhaust, do not idle the engine except as necessary, service your vehicle in a well-ventilated area and wear gloves or wash your hands frequently when servicing your vehicle. For more information go to https://www.p65warnings.ca.gov/products/passenger-vehicle.
INFINITI of Elk Grove 38.4021018, -121.3876632.