{"id":1208,"date":"2014-11-12T15:57:29","date_gmt":"2014-11-12T15:57:29","guid":{"rendered":"http:\/\/blog.leithcars.com\/?p=1208"},"modified":"2014-11-12T15:57:29","modified_gmt":"2014-11-12T15:57:29","slug":"tax-write-small-business-vehicles-expires-end-2014","status":"publish","type":"post","link":"http:\/\/blog.leithcars.com\/?p=1208","title":{"rendered":"Tax Write-Off For Small Business Vehicles Expires End of 2014"},"content":{"rendered":"

\"LeithSection179\"<\/p>\n

Note: This article does not constitute tax advice. Tax law is subject to change. Talk to your tax advisor for full details.<\/em><\/p>\n

If you are a small business owner and drive a lot for your business, an IRS tax rule could save you money.<\/p>\n

IRS Section 179 includes a vehicle depreciation write-off for 2014. It lets you rapidly depreciate a new or pre-owned vehicle up to 60 percent of its value in your first year of ownership. Tax depreciation doesn\u2019t mean that if you sell your vehicle, you won\u2019t get as much money for it. It means that when it\u2019s time to pay your federal income tax, self-employment tax, and possibly even your state income tax, your bill will be reduced.<\/p>\n

To take advantage of this write-off, the gross vehicle weight rating\u2014which is the weight of the car when it\u2019s fully loaded with people and cargo\u2014must be at least 6,000 lbs. You can usually find the GVWR on the sticker where the driver\u2019s door closes. Vehicles with GVWR\u2019s this high are typically heavy SUVs, trucks and vans.<\/p>\n

The second qualification is that at least 50 percent of your vehicle\u2019s miles must have been for business use. The higher the percentage of miles used for business, the more you can depreciate your vehicle for tax purposes.<\/p>\n

An example of this would be if you bought a heavy SUV for $60,000 and used it 100 percent of the time for business. In this case, your estimated depreciation would be $36,000 ($30,000 from Section 179 and $6,000 from regular vehicle depreciation). As you can see, Section 179 reduces your tax bill on this vehicle by a factor of six.<\/p>\n

To take advantage of Section 179 for vehicles, you must purchase your new or pre-owned vehicle before the end of 2014. Because of Section 179,\u00a0within a few years your vehicle could be entirely depreciated, which would be a significant tax savings to you and your business.<\/p>\n

See below for a list of vehicles that might qualify for the Section 179 write-off. We\u2019ll update the list as we become aware of additional vehicles:<\/p>\n

2014\/2015 Audi Q7 3.0T<\/p>\n

2014\/2015 BMW X6 M<\/p>\n

2014\/2015 BMW X6 XDRIVE35I<\/p>\n

2014\/2015 Buick ENCLAVE 2WD<\/p>\n

2014\/2015 Buick ENCLAVE 4WD<\/p>\n

2014\/2015 Cadillac ESCALADE 2WD<\/p>\n

2014\/2015 Cadillac ESCALADE AWD<\/p>\n

2014\/2015 Chevrolet Truck SILVERADO C1500<\/p>\n

2014\/2015 Chevrolet Truck SILVERADO K1500<\/p>\n

2014\/2015 Chevrolet Truck SUBURBAN 2WD<\/p>\n

2014\/2015 Chevrolet Truck SUBURBAN 4WD<\/p>\n

2014\/2015 Chevrolet Truck TAHOE 2WD LS<\/p>\n

2014\/2015 Chevrolet Truck TAHOE 4WD LS<\/p>\n

2014\/2015 Chevrolet Truck TRAVERSE 2WD<\/p>\n

2014\/2015 Chevrolet Truck TRAVERSE 4WD<\/p>\n

2014\/2015 Dodge Truck DURANGO 2WD<\/p>\n

2014\/2015 Dodge Truck DURANGO 4WD<\/p>\n

2014\/2015 Ford Truck EXPEDITION 2WD<\/p>\n

2014\/2015 Ford Truck EXPEDITION 4WD<\/p>\n

2014\/2015 Ford Truck EXPLORER 2WD<\/p>\n

2014\/2015 Ford Truck EXPLORER 4WD<\/p>\n

2014\/2015 Ford Truck FLEX AWD<\/p>\n

2014\/2015 GMC ACADIA 2WD<\/p>\n

2014\/2015 GMC ACADIA 4WD<\/p>\n

2014\/2015 GMC SIERRA C1500<\/p>\n

2014\/2015 GMC SIERRA K1500<\/p>\n

2014\/2015 GMC YUKON 2WD<\/p>\n

2014\/2015 GMC YUKON 4WD<\/p>\n

2014\/2015 GMC YUKON XL 2WD<\/p>\n

2014\/2015 GMC YUKON XL 4WD<\/p>\n

2014\/2015 Jeep GRAND CHEROKEE<\/p>\n

2014\/2015 Jeep GRAND CHEROKEE<\/p>\n

2014\/2015 Land Rover RANGE ROVER 4WD<\/p>\n

2014\/2015 Land Rover RANGE ROVER SPORT<\/p>\n

2014\/2015 Land Rover LR4<\/p>\n

2014\/2015 Lincoln MKT AWD<\/p>\n

2014\/2015 Lincoln NAVIGATOR 2WD<\/p>\n

2014\/2015 Lincoln NAVIGATOR 4WD<\/p>\n

2014\/2015 Mercedes-Benz G550<\/p>\n

2014\/2015 Mercedes-Benz GL350 BLUETEC<\/p>\n

2014\/2015 Mercedes-Benz ML350<\/p>\n

2015 Mercedes-Benz Sprinter Cargo Van<\/p>\n

2015 Mercedes-Benz Sprinter Crew Van<\/p>\n

2015 Mercedes-Benz Sprinter Passenger Van<\/p>\n

2014\/2015 Nissan ARMADA 2WD<\/p>\n

2014\/2015 Nissan ARMADA 4WD<\/p>\n

2014\/2015 Nissan TITAN 2WD CREW<\/p>\n

2014\/2015 Nissan TITAN 4WD CREW<\/p>\n

2014\/2015 Porsche CAYENNE<\/p>\n

2014\/2015 Ram CARGO VAN<\/p>\n

2014\/2015 Ram RAM 2WD 1500<\/p>\n

2014\/2015 Ram RAM 4WD 1500<\/p>\n

2014\/2015 Toyota 4RUNNER 2WD LTD<\/p>\n

2014\/2015 Toyota 4RUNNER 4WD LTD<\/p>\n

2014\/2015 Toyota SEQUOIA 2WD LTD<\/p>\n

2014\/2015 Toyota SEQUOIA 4WD LTD<\/p>\n

2014\/2015 Toyota TUNDRA 2WD<\/p>\n

2014\/2015 Toyota TUNDRA 4WD<\/p>\n

2014\/2015 Volkswagen TOUAREG<\/p>\n

2014\/2015 Volvo XC90<\/p>\n

2014\/2015 Volvo XC90 AWD<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This article does not constitute tax advice. Tax law is subject to change. Talk to your tax advisor for full details. If you are a small business owner and drive a lot for your business, an IRS tax rule could save you money. IRS Section 179 includes a vehicle depreciation write-off for 2014. It […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[291],"class_list":["post-1208","post","type-post","status-publish","format-standard","hentry","category-lifestyle","tag-lifestyle"],"_links":{"self":[{"href":"http:\/\/blog.leithcars.com\/index.php?rest_route=\/wp\/v2\/posts\/1208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/blog.leithcars.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.leithcars.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.leithcars.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.leithcars.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1208"}],"version-history":[{"count":0,"href":"http:\/\/blog.leithcars.com\/index.php?rest_route=\/wp\/v2\/posts\/1208\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.leithcars.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.leithcars.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1208"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.leithcars.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}