Section 179 Tax Credit: Maximize Your Savings with Miracle Toyota in Haines City

At Miracle Toyota in Haines City, we’re passionate about helping small business owners like you make the most of your investments. If you’re in the market for a vehicle to support your farm, construction business, or daily operations, the Section 179 tax deduction could save you big bucks. And the best part? Popular Toyota models like the Toyota Tundra, Toyota Tacoma, and Toyota Sequoia qualify for these valuable tax benefits.

What Is the Section 179 Vehicle Deduction?

Section 179 allows businesses to deduct the full or partial purchase price of qualifying vehicles and equipment during the year of purchase. Instead of depreciating over time, you get to write off the expense upfront — a game-changer for your bottom line.

For 2023, businesses can deduct up to $1.16 million on qualifying purchases, with a phase-out limit at $2.89 million. This tax incentive is specifically designed to benefit small businesses, making it easier to reinvest in your operations.

Which Toyota Models Qualify?

When you’re searching for a “Toyota dealership near me” or “Toyota near Lakeland,” you’re likely looking for a truck or SUV that can handle business demands. At Miracle Toyota, these top models qualify for Section 179:

100% Deduction for Purchase Price:

• Toyota Tundra: Perfect for towing trailers or hauling equipment with its impressive power and capability.
• Toyota Tundra i-Force Max: The hybrid version of the Tundra offers exceptional power and fuel efficiency.
• Toyota Sequoia: A spacious SUV with robust performance for transporting people or supplies.
• Toyota 4Runner: A rugged choice, whether you’re navigating rough terrain or heading to the job site.
• Toyota Grand Highlander Hybrid: Combines efficiency with the versatility of a large SUV.

Up to $25,000 + Additional Depreciation:

• Toyota Tacoma: A midsize truck that’s big on capability and perfect for small business needs.
• Toyota Sienna: A minivan that works just as hard as you do with ample space and modern features.
• Toyota Grand Highlander: A family-sized SUV ready for business and personal use alike.

Business Use Requirements

To qualify for the Section 179 tax deduction, your vehicle must meet these requirements:

1. It must weigh over 6,000 pounds GVWR for a full deduction.
2. Over 50% of its use must be for business purposes, excluding commuting.
3. It must be registered under your business name.

Keeping mileage logs, invoices, and relevant records is essential to substantiate your claim. There are even smartphone apps to simplify tracking!

Financing and Pre-Owned Vehicles

Great news for small business owners:

• You can finance your Toyota and still claim the deduction.
• The purchase of qualifying pre-owned vehicles also applies, as long as the vehicle is new to your business.

Visit Miracle Toyota in Haines City to Learn More

If you’re looking for a “Toyota dealership near me” that can help you navigate tax benefits and find the right vehicle for your business, visit Miracle Toyota in Haines City today. Whether it’s a Toyota Tundra, Toyota Tacoma, or Toyota Sequoia, our team is here to guide you through your options and maximize your savings.

And if you’re in the Lakeland area, we’re just a short drive away. Search for Toyota near Lakeland, and you’ll find we’re the best choice for service, selection, and savings.

Stop by Miracle Toyota in Haines City today, and let’s find the perfect Toyota for your business needs!