If you're a business owner and use your vehicle for work purposes at least half of the time you drive it, your Toyota might be eligible for the Section 179 benefit. Here at Toyota of Lompoc, we are here to discuss it and let you know if your Toyota is eligible at our dealership serving those in Santa Barbara, Goleta, and Santa Ynez.
For trucks like the Tacoma and Tundra on the job site, or light vehicles like passenger cars and SUVs, there are deduction limits if you meet the following criteria:
- If you're using your vehicle for work more than 50 percent of the time, and only deduct what is used for work
- You spend less than $4,270,000 on equipment in the 2024 fiscal year
- If the deduction is claimed in the same tax year as when the vehicle is purchased, leased, or placed into service
- You cannot write off the purchase price of your new truck or van and also claim standard mileage deductions in the same year
Vehicles must meet certain weight requirements in between 6,000 to 14,000 Gross Vehicle Weight Rating (GVWR) on most work trucks and SUVs
With this tax incentive, it's not for the use of rideshare services like Uber or Lyft, but for many trades and industries, the Section 179 tax deduction is the right choice for you. To get started and learn more you can visit us at Toyota of Lompoc, serving those around Buellton and Vandenberg, AFB. If you would like to explore current trucks or SUVs here at our Toyota dealership that qualify, contact us and we can begin the process today.
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