You Could Save on Taxes by Purchasing a Porsche Cayenne This Year
Who doesn’t love getting a break on their taxes? And if you have a business, there’s a potential tax savings you can take on vehicles. It’s called Internal Revenue Service Section 179. It can be a substantial amount off your taxes – up to the entire value of the vehicle – and, it can be taken all in the first year of ownership.
The federal government uses Section 179 as an incentive to get businesses to purchase equipment – in this case vehicles – as a way of investing in themselves and their businesses, thereby driving growth and success.
Like all IRS tax code matters, it’s a bit complicated. The deduction can be claimed when:
- Vehicles purchased, financed or leased are for commercial use and put into use during the same tax year as the deduction is claimed
- Vehicles have a Gross Vehicle Weight (GVWR) more than 6,000. A good example is the Porsche Cayenne
- Vehicles are used for business purposes more than half the time
- The total value of the vehicles can’t be more than $3.5 million, and the total amount deducted can’t exceed $1 million
Other Ways To Save
There are other strategies for tax savings on vehicles that you should consider. We aren’t a tax advisor (don’t even play one on TV) and strongly suggest you consult your own accountant or tax advisor about Section 179 compared to other ways to save.
In the meantime, check out this site where you can informally calculate what you might save if you decided to apply Section 179. And please visit Porsche Salt Lake City to see how an eligible-to-deduct Porsche Cayenne would both be a wonderful transportation option, as well as benefit you and your business.