If you’re a business owner in Scarborough, ME, considering purchasing a Range Rover SUV, you may have wondered whether purchasing one can provide tax advantages for the business. The potential for a Range Rover tax write-off is often centered around Section 179 of the IRS tax code. The team of finance experts at Land Rover Scarborough is happy to explain the tax advantages of the Range Rover.
Section 179 Deduction: An Overview
Put simply, Section 179 is a deduction in the IRS tax code that allows businesses to deduct the full purchase price of qualifying new or used equipment in the year it is put into service. This includes certain vehicles that meet specific criteria, making it a tool for business owners looking to both invest in essential equipment and lower their taxable income.
How a Range Rover SUV May Qualify
One of the criteria that must be met for an SUV to reach the full Section 179 deduction is that it must have a Gross Vehicle Weight Rating (GVWR) of over 6,000 lbs. Due to their robust construction and off-road capability, many Range Rover meet this requirement. This classification is what makes it potentially eligible for a large tax deduction that lighter SUVs might not qualify for.
The Business Use Requirement
One other key stipulation that must be met in order for the Range Rover to qualify for Section 179 is that it must be used for business purposes more than 50 percent of the time. The amount of the deduction that you can take is directly proportional to the amount of time the vehicle is used in business operations.
Learn More About the Range Rover Tax Write-Off
In addition to consulting with your tax professional, we recommend speaking to one of our Land Rover finance professionals at Land Rover Scarborough to learn more about the Range Rover tax write-off. To find the perfect Range Rover model for your business, visit our showroom today!
Disclaimer: Tax benefits are subject to change and depend on individual circumstances. Consult a qualified tax professional for personalized advice.
