What Is the Volvo Section 179 Tax Deduction?
Section 179 is a tax code designed to help small- and medium-sized businesses save on commercial vehicles, so don’t wait to chat with our local Volvo team to learn more. If you run your own business and need a new Volvo SUV or pre-owned truck, you may be eligible for the Section 179 tax deduction, as long as you put the vehicle into service by end of day on December 31, 2022. Reach out to our Volvo dealership near Providence to learn how to qualify for Section 179 tax deductions. The team of experts at Herb Chambers Volvo Cars Norwood, a Herb Chambers Company, are here to help you every step of the way.
What Are the Section 179 Deduction Limits for 2022?
Based on weight and design requirements, the Section 179 tax deduction can apply to different models that you may like to upgrade to for your business. These can include commercial vehicles, but also passenger vehicles that are used for business purposes at least 50% of the time. The other great thing about Section 179 tax savings is it can be applied to used Volvo models as well -- what's important is that the vehicle is new to you! For 2022, the Section 179 tax deductions for passenger vehicles are:
- Cars: $11,160 (including Bonus Depreciation)1
- Trucks & Vans: $11,560 (including Bonus Depreciation)1
- Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1
The Section 179 tax code is designed to benefit small- and medium-sized business, so there are limits to how much your business can write off for the 2022 tax year. The 2022 Section 179 limits are:
- 2022 Deduction Limit: $1,080,0001 -- valid on new and used equipment (must be new to the buyer)
- 2022 Spending Cap: $2,700,0001 -- the max amount that can be spent on equipment before the Section 179 tax deduction begins to reduce on a dollar-for-dollar basis
- 2022 Bonus Depreciation: 100%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment
Volvo Dealer near Me
Contact Herb Chambers Volvo Cars Norwood to shop from our large inventory of new and used cars for sale. We’ll help you find the vehicle that works for your business needs that also qualifies for the Section 179 tax deduction. We’re eager to help small- and medium-sized businesses grow through these opportunities to help your bottom line!
1 Information accurate at date of publishing. Refer to https://www.section179.org for most up-to-date specifications.
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