Business Vehicle Tax Deduction

Are you a business owner looking to upgrade your fleet and save on taxes? At Stone Mountain Nissan, we’re here to help you understand how the latest tax laws could potentially benefit your business.

Up to $18,100 Deduction Per Vehicle*

*Always consult a tax professional to confirm current deduction limits and eligibility.

1. Section 179 Deduction

Under Section 179, you may be able to deduct up to 100% of the cost of qualifying vehicles purchased and placed in service in 2024 (instead of depreciating these costs over time).

• Maximum Deduction for 2024
  • Overall limit for qualifying property: $1,220,000
  • Limit specifically for certain vehicles: $30,500
• Any cost above these limits might still qualify for traditional depreciation deductions under Section 168.

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2. Section 168(k) Bonus Depreciation

Bonus depreciation (Section 168(k)) could allow you to deduct up to 60% of the cost of a new qualifying vehicle in 2024 after applying Section 179 and before taking regular depreciation. Keep in mind:

• The bonus depreciation percentage is scheduled to drop by 20% each year after 2024 until it’s phased out completely.
• The exact amount varies depending on the vehicle’s gross vehicle weight rating and other factors.

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Why Act Now?

• Secure Higher Deductions Today: The 2024 percentage for bonus depreciation is higher than in future years, allowing you to potentially maximize your first-year write-offs.
• Expand Your Fleet: Upgrade to a reliable Nissan fleet that suits your business needs while taking advantage of tax benefits.
• Streamlined Process: At Stone Mountain Nissan, our team can help you find the right vehicles and guide you toward next steps for seeking professional tax advice.

Ready to Learn More?

Contact us or visit Stone Mountain Nissan to explore your options. We’ll connect you with vehicles designed for business and discuss potential tax advantages so you can move forward with confidence.

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Disclaimer: This information is provided as a general overview. It is not tax advice. Tax laws are subject to change, and individual situations vary. Consult a qualified tax professional for specific guidance regarding your eligibility for these deductions.