Toyota Section 179 Tax DeductionNear Canton, CT
Does your business need a new set of wheels? Visit Hoffman Toyota to take advantage of Section 179 tax deductions on qualifying new Toyota trucks and SUVs. Local businesses owners know that Section 179 savings can help reduce their tax burdens even as they invest in new assets and vehicles that will help their operations grow.
If you're not familiar with this IRS tax program, the premise is simple: it allows small and midsize businesses to deduct the costs of eligible purchases, including new and used cars for sale in Connecticut. If you'd like to learn more about which vehicles in the Toyota lineup qualify for this deduction, please visit our Toyota dealer near Canton today.
What Are the 2023 Section 179 Deduction Limits?
The IRS often updates the Section 179 deduction and spending cap limitations to keep up with inflation and other market factors. The 2023 Section 179 deduction limits and rules are as follows:
- 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
Which Toyota Vehicles Qualify for Section 179?
A variety of used and new Toyota vehicles qualify for Section 179 deductions in 2023. Please note that for a vehicle to qualify under Section 179, it must be used for business at least 50% of the time and be put into service by the end of the day on December 31, 2023. To learn more about the eligible Section 179 Toyota models or read up on other limitations regarding this tax code, please visit our showroom.
Buy a New Toyota Near Canton Today
To learn more about how to claim Section 179 tax savings in Connecticut, please contact Hoffman Toyota. Our team will help answer your questions about Section 179 rules, stipulations and qualifying Toyota vehicles for 2023. If you're ready to upgrade your fleet with a new truck or used car, stop by our West Simsbury Toyota dealership today.
1All quoted figures accurate at time of publishing. Please visit www.section179.org for more information regarding the Section 179 deduction.
