Your Tax Dollars At Work
Thanks to new guidelines under the IRS Section 179 tax code, many small business that invest in new equipment can now write off up to $1,000,000 of these purchases on their 2019 IRS tax returns. Normally, businesses spread these deductions over several years. But now, with the tax benefits provided under IRS Section 179, many small businesses can write off up to the entire purchase cost of one or more qualifying new Mercedes-Benz trucks or vans. Again, thats up to $1,000,000 worth, all in the first year they're placed in service.
It gives you a chance to deduct up to $25,000 of a qualifying vehicle from your business's gross income during that tax year-all at one. In some cases you may even be able to deduct the full purchase price of your vehicle. (Please consult your tax professional to find out if you qualify for the full amount). It's especially helpful for small businesses who want their tax savings right away, rather than receiving them bit by bit over time through depreciation. It gives many businesses the financial leeway to purchase vehicles they need right away, rather than waiting.
You may qualify if you:
These are the limits on claiming this tax savings:
Please consult your tax advisor – limits may apply.