If you buy a 2024 Land Rover Defender at Land Rover Lakeland in Lakeland, FL and use it for business purposes, you can deduct anywhere from 50% to 100% of the amount you spend to buy that vehicle when you do your 2024 tax return. That means you can get an immediate tax deduction for a business-related Land Rover Defender instead of spacing out the deductions over the next few years. This is a provision of the federal tax code that many business people aren't fully aware of so here’s how it works.
You can get a full business tax deduction in one year on a new Land Rover Defender
Business people in Valrico and Kissimmee can take the cost of a new 2024 Land Rover Defender that you use for business as a business expense tax deduction. That allows you to deduct the expense based on the amount of business use that Land Rover Defender gets. In fact you can get up to a full 100% tax deduction instead of depreciating the asset and taking smaller deductions over a period of years.
Here's how to calculate your Section 179 Land Rover Defender deduction
The formula is really very simple. Vehicles bought under Section 179 have to be used for business purposes more than 50% of the time in order to qualify for the deduction. All business owners in Winter Haven and Plant City have to do is multiply the cost of your 2024 Land Rover Defender by the percentage of business use in order to determine the amount that's eligible for a Section 179 deduction. For example, if you use a new 2024 Land Rover Defender for business purposes 75% of the time, you can deduct 75% of the purchase price of that vehicle when you do your taxes in 2025.
2024 Land Rover Defender models are eligible on the basis of their weight
Section 179 deductions for 2024 are available only for vehicles that weigh more than 6,000 pounds and all versions of the Land Rover Defender are eligible based on the Section 179 Deduction List. Land Rover Defender 110 models are qualified because their gross vehicle weight is 7,165 lbs. Our Land Rover Defender 90 models are also qualified because their gross vehicle weight is 7,055 pounds.
Section 179 deductions apply to business use exclusively
It's important for our Central Florida customers to be aware that the Section 179 provision is available only for business income and not personal. If you buy a 2024 Land Rover Defender and use it only for personal purposes, the deduction doesn’t apply. Business use includes traveling between job sites, transporting goods and equipment and business-related travel away from your regular work location. Commuting to work is not deductible.
Can I finance a Land Rover Defender and still take the Section 179 deduction?
Yes, you can finance your new 2024 Land Rover Defender with us and take advantage of the Section 179 deduction. This can be a great way to improve your business cash flow. You can take the entire price of a 2024 Land Rover Defender as a deduction while paying back only a relatively small portion of it this year in the form of loan payments.
Is it OK to finance a Land Rover Defender under my company’s name?
Yes, financing a new Land Rover Defender under your company's name gives you certain benefits like separating personal and business liabilities and potentially enhancing your company's credit profile.
Check with your tax advisor to find out more
One of the specialists in our finance center can give you more information about the Section 179 deduction but the best authority will be your own business tax consultant. Take a look at our new Land Rover Defender models to find the one that looks like your best business partner. Then schedule a test drive and buy a new 2024 Land Rover Defender at Land Rover Lakeland in Lakeland, FL.