Section 179 Tax Savings in Massachusetts
Elevate your business growth with Section 179 tax incentives at Mastria Subaru.1 Companies in and around the Greater Boston area can seize this encouraging tax provision to buy new or used vehicles for their fleet and deduct the entire cost from their taxes. Investing in a commercial vehicle like this from our Subaru dealership near Fall River, MA helps pave the way for both short- and long-term benefits.
To get started, speak with a Mastria Subaru sales or financing associate about how to claim Section 179 tax savings. We're ready to assist you in navigating this unique tax advantage and help with your business!
What Vehicles Are Eligible for Section 179?
Select new and used cars for sale in Raynham are eligible for the Section 179 tax deduction. Some examples of qualifying vehicles include shuttle vans that can hold nine or more passengers behind the driver's seat, as well as traditional cargo vans outfitted with a rear cargo space and no seating behind the front row.
In order to qualify for this business tax code, the vehicle in use must be employed during business operations more than 50% of the time. It also must be titled under the company’s name, not an individual owner.
How Does Section 179 Work?
Qualifying vehicles purchased or leased during the 2023 tax year might fall under the Section 179 deduction. Don’t wait until the last minute, however, as the vehicle must be put into service before December 31, 2023. This valuable tax incentive allows you to deduct the total purchase cost of the vehicle within the same tax year.
As you navigate the Section 179 tax write-off, we want to remind you that if your vehicle isn't solely for business use, your deduction could be affected. Don't hesitate to contact Mastria Subaru in Raynham to discover all the ins and outs of Section 179.
The Section 179 deduction limits for 2023 are as follows:
- • $1,160,000 deduction limit, with a total cap on equipment spending at $2,890,000.
- • Select trucks and SUVs between 6,000 and 14,000 pounds (GVWR) qualify for partial deduction.
If you have any further inquiries about 2023 Section 179 tax deduction limits, the team at our Massachusetts Subaru dealer is available to provide assistance. Buy a new or used commercial vehicle and take your local business to the next level with Section 179 tax incentives!
1Information accurate at time of publication. See dealer for details.
