Do you need a new Navigator for your livery business? Looking to add a Corsair or Aviator to your commercial fleet? If so, visit our Lincoln dealership near Glastonbury to review which new Lincoln SUVs qualify for the 2023 Section 179 deduction limits. This tax incentive program was designed to help small and midsized businesses grow by allowing companies to deduct the entire purchase price of certain vehicles and equipment.
It’s important to note that qualifying assets must be bought during the current tax year and be put into service by December 31st, 2023. Our team will be happy to discuss these and other rules regarding how to claim a Section 179 tax deduction, so stop by our East Hartford Lincoln dealer to learn whether your new or used Lincoln purchase qualifies for preferential tax treatment.
Which Lincoln Vehicles Does Section 179 Apply To?
While not every vehicle on the market is eligible for Section 179 tax savings, you'll find that new Lincoln SUVs often qualify for this lucrative deduction, as do many of our pre-owned models. For those shoppingfor a new or used Lincoln near Glastonbury for their business, please reach out to our team to learn more about which models might qualify for Section 179.
What Are the 2023 Section 179 Deduction Limits & Rules?
Businesses can write off at least part of the price of qualifying vehicles if they are purchased during the current calendar year and put into service before end of day on December 31, 2023. Also note that you can only deduct the cost of a vehicle if it is used for business purposes at least 50% of the time. Exactly how much you can deduct is often determined by the extent your vehicle is used for commercial purposes.
The complete 2023 Section 179 Deduction limits and guidelines are as follows:
- 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
Claim Section 179 Savings on a New Lincoln in CT Today
If you're ready to take advantage of this opportunity, please contact Hoffman Lincoln. We'll help you review your Lincoln Section 179 tax options and discuss in more detail how your business may benefit from this popular tax deduction. If you've been looking to upgrade your fleet, there's no better time to do so.
1 Information Accurate at time of printing. See dealer for details.