Jaguar Section 179 Tax Credits in MA
If you're a business owner looking to optimize your fleet while leveraging tax savings, you've come to the right place. At Jaguar Sudbury Certified Pre-Owned & Service, we offer a selection of Jaguar vehicles that qualify for the Section 179 tax deduction.
This tax benefit allows businesses to deduct the cost of qualifying vehicles used predominantly for business purposes. Explore how Jaguar can be part of your business strategy when you visit our Jaguar dealership near Waltham.
Understanding the Section 179 Tax Deduction
The Section 179 tax deduction is designed to encourage businesses to invest in themselves. By allowing companies to deduct the cost of certain vehicles, businesses can significantly reduce their taxable income. For 2024, businesses can write off up to $1,220,000, with a spending cap set at $3,050,000 on eligible purchases.
Additional bonus depreciation allows for a 60% deduction after the spending cap. Vehicles must be purchased and put into service by December 31, 2024, making this tax benefit ideal for any business looking to invest before year-end.
There are some specifics and limits, including:
- 2024 Deduction Limit: $1,220,000
- Valid on new and used equipment (must be new to buyer), either purchased or leased.
- 2024 Spending Cap: $3,050,000
- Upon reaching this cap, deduction is reduced on dollar-for-dollar basis.
- 2024 Bonus Depreciation: 60%
- This tax benefit enables a business to deduct a substantial percentage of the purchase price of qualifying assets immediately.
- Typically claimed after the Spending Cap is achieved.
- Applicable to both new and used vehicles.
Qualifying Vehicles at Jaguar Sudbury Certified Pre-Owned & Service
At Jaguar Sudbury Certified Pre-Owned & Service, we provide a range of models that qualify for the Section 179 deduction, enhancing both style and functionality for your business. Visit us today to find an eligible vehicle for sale on our lot that fits the needs of your business.
How to Take Advantage of Section 179 in MA
Taking advantage of the Section 179 tax deduction is straightforward at Jaguar Sudbury Certified Pre-Owned & Service. Our team is dedicated to helping you understand each step of the purchase process.
To learn more about how our vehicles can align with your business needs, contact us today or schedule a consultation to discover how you can maximize your savings. Don't miss out on this opportunity to upgrade your business fleet while enjoying tax advantages!
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