Navigating the Bounds of Section 179
To leverage the benefits of a Section 179 deduction for your business automobile, certain criteria must be fulfilled:
- The vehicle must be delivered and operational by December 31, 2023.
- The vehicle should be utilized for business purposes at least 50% of the time.
- Eligibility encompasses both new and pre-owned vehicles, provided they are new to you.
- The vehicle must be officially registered in the name of the business.
For the year 2023, deductions are subject to the following constraints:
- 2023 Deduction Ceiling: $1,160,000 — applicable on newly-acquired or pre-owned equipment.
- 2023 Supplementary Depreciation: 80% — available for both new and pre-owned equipment.
- Cars, small trucks, and vans below 6,000 pounds may qualify for a first-year deduction up to $20,200.
- For heftier vehicles tipping the scales between 6,000 and 14,000 pounds, a first-year deduction of as much as $28,900 can be obtained.
Your Hyundai Section 179 Headquarters in Covington
Need a new Hyundai tailored to your operational requirements? Eddie Tourelle's Northpark Hyundai is at your service. Discover our extensive lineup of new Hyundai models to identify one that's eligible for Section 179, ensuring it's an ideal fit for your daily business activities. Our knowledgeable team is eager to showcase the Hyundai vehicles that are Section 179-eligible, so walk into our showroom ready to embark on your savings journey today.
Nearby Hyundai Dealership in Covington, LA
Set your sights on the Hyundai that captures your business aspirations and aligns with Section 179 stipulations, then experience it firsthand with a test-drive at our Covington dealership. Contact Eddie Tourelle's Northpark Hyundai for comprehensive insights and take the helm of an eligible vehicle that will not only meet but exceed your expectations. Our Hyundai dealership is excited to assist you in procuring a new or pre-owned car qualifying for the lucrative Section 179 incentive!