Do You Own A Business and Need A New Volvo SUV?

Section 179 Information for Businesses

Section 179 is a tax code regulation to help small and medium sized businesses achieve maximum profit. If you run your own business and need a new Volvo SUV of over 6,000 Pounds, 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 us at Ourisman Volvo Bethesda to learn how to qualify for Section 179 tax deductions.

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. Used vehicles may qualify for this as well depending on weight.

  • 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

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