Elevate your business operations with Minnesota Truck Headquarters, where strength and dependability meet. As a top used truck dealership in Brainerd, we're dedicated to enhancing your business productivity with our exceptional lineup of sturdy trucks, versatile SUVs and reliable vans.
Understanding the critical importance of financial planning for business growth, we're excited to introduce you to the Section 179 tax deduction. This beneficial incentive allows businesses to claim significant tax deductions on eligible vehicles used for operations, fostering greater opportunity for expansion and efficiency.
To fully leverage the Section 179 tax advantage for the 2024 fiscal year, it's essential to complete your vehicle purchase and initiate its use by December 31, 2024.1 Seize this opportunity to propel your business forward while claiming considerable tax savings!
2024 Section 179 Tax Deduction Eligibility & Limits
If you're a business owner searching for dependable commercial vehicles in Brainerd, look no further than Minnesota Truck Headquarters. The Section 179 tax incentive offers substantial tax savings on business-use vehicles. For the 2024 tax year, eligibility criteria are as follows:
- 2024 Deduction Limit: $1,220,0001
- Valid on new and used equipment (must be new to buyer), whether purchased or leased
- 2024 Spending Cap: $3,050,0001
- After this cap is reached, deduction is reduced on dollar-for-dollar basis
- 2024 Bonus Depreciation: 60%1
- Tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible assets
- Generally taken after Spending Cap is reached
- Applicable to new and used vehicles
To qualify for Section 179, the vehicle must be acquired and put into use by December 31, 2024, and must serve business purposes more than half the time.1 Additionally, it should be titled under the company's name rather than the individual owner's. For detailed information specific to your situation, please contact our used car finance team at Minnesota Truck Headquarters.
Which Commercial Vehicles Qualify for Section 179?
Section 179 deductions can be full or partial depending on the type of vehicle. Full deductions often pertain to work-specific vehicles such as shuttle vans and cargo vans. Whether you're interested in service trucks or flatbed trucks, we have many commercial vehicle brands at Minnesota Truck Headquarters that may be eligible for a partial deduction under Section 179, including:
- Ford | Ram | Chevy | Mercedes-Benz | And more!
Used Commercial Vehicles for Sale Near Me
For more details about Section 179-eligible vehicles or to schedule a test-drive, contact Minnesota Truck Headquarters in Brainerd. We're your premier destination for heavy-duty trucks, fleet vans and valuable savings on commercial vehicles tailored to your business needs. Whether you're interested in a used Ford F-150 or a Transit van in Minnesota, we're here to get you behind the wheel with substantial tax benefits from the Section 179 deduction!
1 Information accurate as of publishing date. Please consult https://www.section179.org for the most up-to-date details.