The government is here to help entrepreneurs, businessmen, and businesswomen lighten the load. The Section 179 Deduction will help eliminate depreciation and the cost of a new vehicle for your business. In the end, you can save thousands or hundreds of thousands of dollars over the years. Interested? We'll tell you how it works-and how you can use it to your advantage at Mildenberger Motors.

Example of Section 179 at work during the 2024 tax year.

The above is an overall, "birds-eye" view of the Section 179 Deduction for 2023. For more details on limits and qualifying equipment, as well as Section 179 Qualified Financing, please read this entire website carefully. We will also make sure to update this page if the limits change. Mildenberger Motors is not a tax advisor; consult a professional for accurate tax advice.

How the Section 179 Tax Deduction Works

Do you want to write off the entire purchase price of qualifying equipment? Then you'll love the Section 179 Tax Deduction. This tax benefit allows you to write off the entire purchase of qualifying equipment. And for most small businesses, qualifying equipment can be written off on your current year's tax return. That's up to $1,160,000 worth of equipment. But what qualifies as equipment?

Most tangible goods used by American businesses, including "off-the-shelf" software and business-use vehicles.

• Heavy SUVs, trucks, and vans with a GVWR over 6,000 lbs.
• Non-Personal Work Vehicles (dump truck, farm tractor, etc.)
• Delivery Use Vehicles (cargo vans, box trucks)
• Specialty Vehicles with a Specific Use (hearse, ambulance, etc.)

Vehicles must be used for business purposes more than 50 percent of the time to qualify for the Section 179 Tax Deduction. For more guidelines on what property is covered under the Section 179 tax code, please contact your local tax specialist. Also, to qualify for the Section 179 Deduction, the equipment and/or software purchased or financed must be placed into service between January 1, 2023, and December 31, 2023.

Mildenberger Motors

Use the Section 179 Tax Deduction for your benefit at Mildenberger Motors. We've helped hundreds of business owners find the breaks they need to get the vehicles to power their business. For more information about the Section 179 Tax Deduction restrictions and requirements, you can contact a sales representative at our dealership. Or reach out to your local tax expert. Good luck with your business in 2024! You're already off to a great start!