Did You Know You Can Deduct Business Vehicles From Your 2022 Taxes? Find Out More
Are you ready to invest in your small business before 2022 is over? When you buy a used van, SUV or truck for your company before the end of the year, you may be able to claim Section 179 tax savings. Section 179 is a tax code that allows business owners to deduct equipment expenses when filing taxes, even for used cars. If you’ve been looking to build out your fleet of commercial vehicles or you’d like to trade-in your company car for something different, turn to our used car dealerships near Cresco. At KAR Auto Group, we have a diverse selection of pre-owned vehicles that can truly elevate your business operations. Test-drive a Ford F-150 or Chevy Silverado 1500 to take work to the next level this year and have the opportunity to deduct the purchase on your taxes with Section 179.
2022 Section 179 Tax Deduction Details
- Total annual deduction: Up to $1,080,0001
- Bonus Depreciation: 100% 1
- Vehicle must be delivered and put into service by 12/31/20221
- Section 179 deduction limit: $11,160 for cars (including Bonus Depreciation)1
- Section 179 deduction limit: $11,560 for trucks and vans (including Bonus Depreciation)1
2022 Section 179 Vehicle Requirements
- Used for business purposes at least 50% of the time1
- New or new-to-you (pre-owned qualifies)
- Purchased, not leased
- Vehicle must be delivered and put into service by 12/31/20221
Used Trucks for Sale in Decorah, IA
Our used truck inventory includes top-selling Ford pickups including F-150 and Ranger models that are eligible for the Section 179 tax incentive. You’ll also find several pre-owned Chevrolet Silverado, Ram 1500 and Ram 2500 trims for your business needs. Need a spacious commercial vehicle to get the job done? Ask about used Ford E-Transit Cargo Van specs and price options at KAR Auto Group. Drive home in a high-quality Jeep SUV for work and claim the Section 179 tax rebate before the end of the year. If you’re in the market for a new truck near Cresco, it’s time to custom order a new Ford Super Duty® at KAR Auto Group to reserve your very own model.
1 See dealer for details.