What Is the Lexus Section 179 Tax Deduction?
If you're looking for a way to upgrade your commercial fleet, visit our Lexus dealership near Wethersfield, where our team can share with you information about the Section 179 tax incentive. This IRS tax code encourages businesses to buy certain assets such as new and used vehicles by making a variety of enticing tax deductions available to those making qualifying purchases.
What does all this mean for your operations? You can buy a qualifying new Lexus and potentially reduce your tax burden as a result. If you'd like to learn more about how the Lexus Section 179 tax deduction works, please reach out to our team or stop by our showroom and speak with our Lexus finance team.
Which Lexus Models Qualify for Section 179?
Of all the used and new Lexus models for sale in Connecticut, many qualify for some tax savings. That’s because IRS rules allow even most passenger vehicles to qualify for partial Section 179 deductions, so long as they are used for business purposes at least 50% of the time. Our team will be happy to share more, so visit us today and let us know which new or pre-owned Lexus near Wethersfield would best work for your business.
Section 179 Tax Deduction Limits for 2023
The IRS limits just how much a business can write off during the taxable year in an effort to ensure this deduction primarily benefits small and midsize businesses. For 2023, the following limitations and rules are in place for those claiming Section 179 deductions:
- 2023 Deduction Limit: $1,160,000 -- valid on new and used equipment (must be new to the buyer).1
- 2023 Bonus Depreciation: 80% -- valid on new and used equipment (must be new to the buyer).1
- Passenger Vehicle Eligibility: Pickups or heavy SUVs weighing between 6,000 and 14,000
pounds are among vehicles that may be eligible for a maximum first-year deduction of up to $28,900 in 2023. Many other passenger vehicles may also qualify a partial deduction if used for business purposes at least 50% of the time.1
Buy a New Lexus in Connecticut
If you want to review in detail how your business can benefit from Section 179 deductions and tax write-offs, stop by our showroom or contact Hoffman Lexus. Having helped many other local businesses upgrade to a new Lexus near Wethersfield, we're certain we can help your enterprise do the same. Stop in today to save with commercial Lexus incentives and see what a new GX or NX can do for your business.
1Information accurate at date of publishing. Refer to https://www.section179.org for the latest stipulations.