Honda Section 179 Tax Savings Near Bristol, CT
Supercharge your business with the purchase of a new or used Honda -- and potentially enjoy significant tax savings to boot. That's right: thanks to the Section 179 tax deduction, you can possibly reduce your taxable income when you purchase a qualifying new or used Honda model.
Ever since its inception, the Section 179 tax deduction has been incentivizing small and midsize businesses to grow their operations through the purchase of vehicles and other assets. As a result, our Honda dealer near Bristol is proud to support local mom-and-pop shops and other smaller-scale businesses by helping them add a qualifying Honda to their fleet. If your business needs a new set of wheels, turn to Hoffman Honda today.
Which Honda Vehicles Does Section 179 Apply To?
Various used and new Honda models qualify for Section 179 tax savings, but eligibility depends on a few factors, including business usage and vehicle weight. The former requirement mandates that the vehicle must be used for business purposes at least 50% of the time. As for weight considerations, certain SUVs and other vehicles weighing between 6,000 and 14,000 pounds may qualify for higher deduction limits than lighter vehicles. For more information, please reach out to our Honda sales team.
What Are the 2023 Section 179 Deduction Limits?
The 2023 Section 179 deduction limits and other guidelines are as follows:
- 2023 Deduction Limit: $1,160,000 -- 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
Please note that you must buy and put your vehicle into service before the end of the day on December 31, 2023, for your purchase to qualify for Section 179 savings in the current tax year. This deadline comes up fast, so visit our nearby Honda dealer today to lock in your eligibility.
New Honda near Me
To learn more about how the Section 179 deduction works, please contact Hoffman Honda. We can help you determine your eligibility for savings and explain which Honda vehicles qualify for Section 179. When you're ready to help your small business thrive with a new Honda Ridgeline or Pilot near Bristol, give us a call.
1All quoted figures accurate at time of publishing. Please visit www.section179.org for more information regarding the Section 179 deduction.
