Porsche Section 179 Tax Deductions
Porsche cars and SUVs aren't just performance-oriented luxury machines -- many of the models in the lineup are also practical options for businesses looking for an upscale vehicle to join their fleet. For those who believe a Porsche is the perfect addition to their commercial business, be sure to visit our Porsche Center near Farmington to learn about how to claim a Section 179 deduction. This tax deduction opportunity allows you to deduct up to the entire purchase price of qualifying assets in the year of purchase, making it the perfect way to grow your business while potentially reducing your tax burden. If you'd like to learn more about how the Section 179 deductions works, please visit our showroom today.
Which Porsche Vehicles Does Section 179 Apply To?
Our nearby Porsche Center has the details on which new and used vehicles on our lot are eligible for Section 179 tax deductions. Thanks to the practicality and versatility of the new Porsche lineup, the perfect model for your business is waiting for you in our showroom. Many commercial buyers gravitate to the Cayenne and Macan SUVs, while others appreciate the four-door Panamera and Taycan. Local businesses are encouraged to visit Porsche Hartford and find what's best for their needs.
Which Porsche Vehicles Does Section 179 Apply To?
- Total annual deduction: Up to $1,080,000
- Bonus Depreciation: 100%
- Vehicle must be delivered and put into service by 12/31/2022
- Section 179 deduction limit of $11,160 for cars (including Bonus Depreciation)
- Section 179 deduction limit of $11,560 for trucks and vans (including Bonus Depreciation)
As you review these limitations, keep in mind that the IRS also determines eligibility for Section 179 deductions based on additional factors as well. To ensure your new Porsche qualifies for Section 179 tax deductions, be sure to purchase your vehicle and put it into service before end of day on December 31, 2022. You'll also want to ensure the vehicle is used for business purposes at least 50% of the time. Per-vehicle tax deductions allowed by the 2022 Section 179 tax rules include:
- Cars: $11,160 (including Bonus Depreciation)1
- Trucks & Vans: $11,560 (including Bonus Depreciation)1
- Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1
We encourage you to contact Porsche Hartford today to learn more about how Section 179 works. This is an especially popular tax strategy employed by businesses looking to grow their operations in a cost-effective manner, and you can help your business do the same by bringing a qualifying new or used Porsche back to the office by the end of the calendar year. If you're ready to class up your company's fleet with a vehicle built by one of the world's most admired automakers, give us a call today.
1 See Porsche Center for details.