Finding great prices is the key to any thriving business, which is why we're happy to help local business owners optimize their purchases with Section 179 tax savings. With Section 179 of the IRS tax code, eligible participants have a unique opportunity to invest in their business while saving money on taxes.
Explore how purchasing or leasing a qualifying vehicle at Stillman Volvo Cars can help you take full advantage of this generous tax deduction. Visit our Volvo dealership near Glen Mills to get started.
What Is Section 179?
Section 179 is a tax deduction that allows businesses to deduct up to the full purchase price of qualifying equipment and vehicles purchased or financed during the tax year. This deduction was designed to encourage businesses to invest in themselves and their growth by buying equipment and technology they need.
H2 Tag: How Can Section 179 Benefit My Business?
Instead of depreciating a vehicle over several years, Section 179 allows you to write off up to the entire purchase or lease amount on your business taxes for the same year the vehicle is put into service. Investing in a qualifying new Volvo near Glen Mills from Stillman Volvo Cars means you possess access to our lineup of premium, reliable models that can elevate your business presence and operational efficiency.
H2 Tag: Section 179 Deduction Limits & Spending Caps
The Section 179 tax code does come with some limitations, which include:
- Deduction Limit: Businesses can write off up to $1,250,0001
- Spending Cap: The spending limit on eligible equipment is $3,130,0001
- 2025 Bonus Depreciation: 40%1
- Eligibility: Vehicle must be acquired and put into service by December 31, 2025.
Vehicles Eligible for Section 179 at Stillman Volvo Cars
We offer an exceptional range of vehicles that can qualify for Section 179 tax deductions. Both new and used vehicles can qualify for the Section 179 tax deduction -- what's important is it's new to you. Volvo SUVs like the XC40, XC60 and XC90 can be eligible for at least a partial Section 179 tax deduction.
This can help you save when you upgrade to one of these vehicles for your business and use it for business purposes at least 50% of the time.
Steps to Claim the Section 179 Deduction
Visit our dealership to explore our extensive range of Volvo SUVs. Our experienced sales team will assist you in selecting the model that best suits your business requirements. To ensure you meet all eligibility requirements and make the most of the Section 179 deduction, consult with your tax advisor or financial planner. Once you have your Volvo, ensure your new vehicle is used for business purposes before the end of the tax year to qualify for the deduction.
For more information about how Section 179 can benefit your business, contact Stillman Volvo Cars or visit our dealership. Our knowledgeable team is ready to guide you through the process and help you maximize your tax savings.
Elevate your business operations and finances with the premium quality and performance of a commercial Volvo in Pennsylvania today!
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1 Information accurate at date of publishing. Refer to https://www.section179.org for most up-to-date specifications.