Certified CenterWhat Is the BMW Section 179 Tax Deduction?
The Section 179 tax deduction is designed to help your business reduce its tax burden by incentivizing the acquisition of qualifying new vehicles and other assets. What does this mean for your business? If your company decides to buy a new BMW in Connecticut that meets the requirements laid out by the IRS, it may benefit from a reduced tax obligation for the year.
This program that has found tremendous support among small and mid-sized businesses, and our BMW dealership near New Britain has helped countless local establishments upgrade their fleet with new BMW SUVs or other qualifying models. For more information on Section 179 benefits, reach out to us today.
What Are the 2023 Section 179 Rules?
The IRS limits how much a business can write off under Section 179 in a given tax year to ensure that this program specifically caters to small and mid-sized businesses. Here are the 2023 Section 179 deduction limits and other pertinent guidelines:1
- 2023 Deduction Limit: $1,160,0001 -- valid on new and used equipment (must be new to the buyer).1
- 2023 Bonus Depreciation: 80% -- valid on new and used equipment (must be new to the buyer).1
- Passenger Vehicle Eligibility: Pickups or heavy SUVs weighing between 6,000 and 14,000
pounds are among vehicles that may be eligible for a maximum first-year deduction of up to $28,900 in 2023. Many other passenger vehicles may also qualify a partial deduction if used for business purposes at least 50% of the time.1
Which BMW Models Qualify for Section 179?
Several used or new BMW models may qualify for preferential treatment under Section 179 thanks to how the tax code is written. Because mostpassenger vehicles are eligible for a partial deduction based on business usage -- with the caveat that they are used for business purposes at least 50% of the time -- your BMW purchase may qualify for tax savings depending on the model you bought and how often you use it in your line of work.1 To learn more, please visit our local BMW dealer today.
Buy a New BMW Near Me
Visit or contact BMW of Waterbury to learn more about Section 179 and how this popular IRS program can lessen your tax burden for 2023. Our team looks forward to helping your business enjoy the style, luxury and practicality of a new BMW in Connecticut.
1 Information accurate at date of publishing. Refer to https://www.section179.org for most up-to-date specifications.