Livery and black car operations are among the many local businesses that love adding new Mercedes-Benz models to their fleet. And the savviest of these know that there's no better way to upgrade than by taking advantage of the Section 179 deduction.
This tax code was created to spur small businesses by incentivizing asset acquisitions and investments. Our Mercedes-Benz dealership near Lansing can share more about this popular tax strategy as you shop our great selection of Mercedes-Benz SUVs eligible for the Section 179 tax deduction. Visit us today to learn more.
What Are the Section 179 Tax Deduction Limits for 2024?
The Section 179 tax deduction is usually adjusted each year to account for inflation. For 2024, the limits and deductions are as follows:
- Deduction Limit: Businesses can write off up to $1,220,000.1
- Spending Cap: The total amount spent on eligible equipment cannot exceed $3,050,000. 1 Beyond this, the total deduction limit is reduced on a dollar-for-dollar basis.
- 2024 Bonus Depreciation: Business can deduct up to 60% of the purchase price of qualifying assets immediately. It's typically claimed after the Spending Cap is achieved, so businesses can take advantage of both Bonus Depreciation and Section 179 to maximize their tax savings.
- Eligibility: Vehicles must be purchased and put into service by December 31, 2024, in order to claim your tax savings in the current year.
Note that these rules are applicable to both used and new Mercedes-Benz models that are eligible for Section 179.
Eligible Mercedes-Benz Vehicles for Section 179 Tax Savings
Visit our lot and you'll find that several Mercedes-Benz models qualify for Section 179 tax deductions. The Mercedes-Benz Sprinter is particularly popular with those looking to claim tax savings, as are SUVs like the Mercedes-Benz GLS. Note that some models only qualify for partial deductions, while others will be eligible for a full deduction. We encourage you to speak with an accountant for more information.
To see which model fits your business needs best, visit our local Mercedes-Benz dealership. We'll explain more about the Section 179 tax deduction and help you maximize your investment in a new work-ready Mercedes-Benz Sprinter Van or SUV. For more information, contact Mercedes-Benz of Okemos today!
Learn More: Shop Mercedes-Benz EVs | Finance Application | Mercedes-Benz Sprinter Specials
1 Information accurate at date of publishing. Refer to https://www.section179.org for most up-to-date specifications.