Save Big on Your Business Taxes with Section 179 & Bonus Depreciation at Galleria BMW
Are you a business owner looking to optimize your tax savings while driving a premium vehicle? Galleria BMW in D'Iberville, MS, is proud to offer a selection of BMW models that may qualify for significant tax deductions under IRS Section 179 and Bonus Depreciation. These tax credits can help you write off a large portionâor even the full costâof eligible BMW vehicles used for business purposes.
How Section 179 and Bonus Depreciation Work
Section 179 allows businesses to deduct up to $30,500 on eligible "Heavy" vehicles used for business purposes, such as BMW SUVs that meet specific weight requirements. For lighter vehicles, such as luxury sedans, deductions are capped at $12,500. Additionally, Bonus Depreciation allows you to claim up to 60% of the purchase price for qualifying vehicles, further maximizing your savings. These tax benefits are designed to reduce your taxable income and put more money back into your business.
Popular BMW models such as the BMW X5, X6, X7, and select 5 Series and 7 Series sedans often meet the criteria for these incentives. Whether you need a vehicle for client meetings, corporate travel, or daily operations, our team is here to help you find the perfect match.
Which BMW Vehicles Qualify?
Not all vehicles qualify for Section 179 or Bonus Depreciation, so it's important to understand the requirements. At Galleria BMW, we offer several models that meet these qualifications, including:
- BMW X5 and BMW X6: Luxurious yet practical SUVs, ideal for business travel.
- BMW X7 xDrive 40i: A "Heavy" luxury SUV perfect for businesses needing larger vehicles.
- BMW 5 Series and 7 Series Sedans: Iconic, executive vehicles with unmatched comfort and performance.
Visit Galleria BMW to explore our inventory of new and used BMW vehicles that qualify for these tax incentives.
Eligibility Requirements for Section 179 Deduction
To claim Section 179 and Bonus Depreciation benefits, you must meet the following criteria:
- Vehicle Use: The vehicle must be used at least 50% of the time for business purposes. If thereâs any personal use, the tax deduction will be reduced accordingly.
- Business Purchase: The vehicle must be purchased in an arm's-length transactionâmeaning the buyer and seller are independent parties. The title should be in the company's name, not the individual owner's.
- Timing: You can only claim the Section 179 deduction for the tax year in which the vehicle was put into service. Even if the vehicle isnât actively in use, it must be ready and available for business operations.
- New or Used Vehicles: Both new and pre-owned BMWs qualify, provided they meet the other requirements.
- No Prior Personal Use: A vehicle previously used for personal purposes cannot later qualify for a Section 179 deduction if converted to business use.
Important: Individual tax situations may vary. Please consult your tax advisor to determine how these tax incentives apply to your business.
Maximize Your Tax Savings with Galleria BMW
Take advantage of Section 179 and Bonus Depreciation to save thousands on your next BMW purchase. With the 2024 IRS limits allowing up to $30,500 in deductions for heavy vehicles and additional savings through Bonus Depreciation, thereâs never been a better time to invest in a BMW for your business.
Visit us today at Galleria BMW in D'Iberville, MS, to explore our inventory and find the right vehicle for your needs. Our finance team is here to assist with tax incentive information and ensure you take full advantage of these benefits.
Example: BMW X7 Depreciation for 2024
To better understand how these deductions work, hereâs an example using the BMW X7:
- Purchase Price: $90,525
- First-Year Section 179 Depreciation: $30,500
- First-Year Bonus Depreciation (60%): $54,315
- Total First-Year Depreciation: $84,815
- Additional Depreciation for "Heavy" Vehicles: $64,415
These substantial savings highlight why Section 179 and Bonus Depreciation are excellent opportunities for business owners.
Ready to Save? Contact Galleria BMW
Donât miss out on these valuable tax benefits. Call or visit Galleria BMW in D'Iberville, MS, today to speak with our team about how you can save on your business taxes while enjoying the unmatched luxury and performance of a BMW.
Feel free to browse our applicable models below!