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What's your potential business vehicle tax deduction?
There are significant opportunities for 2024 Federal income tax deductions for commercial vehicles.
The rules governing Federal tax deductions for vehicles used in a business can be complex, and tax benefits can vary based on the vehicle purchased and other factors. Consult with a tax professional to explore potential tax benefits your business may qualify for when it purchases and places into service a new vehicle in 2024.
Important Tax Benefit Info
The Federal income tax deductions referenced are for informational purposes only. This information does not constitute tax or legal advice. All persons considering the use of potential income tax deductions or other tax benefits should consult with their own tax or legal professional to determine eligibility, the specific amount of deductions available, if any, and further details. The deductions are not within Nissan’s control and are subject to change without notice. Interested parties should confirm the accuracy of the information before relying on it to make a purchase.
Explore Potential 2024 Federal Tax Deductions
Section 179 potentially allows a business to claim a 2024 Federal income tax deduction for up to 100% of the cost of qualifying property that is purchased and placed in service in 2024, rather than depreciating the cost over time. For 2024, the maximum Section 179 expense deduction is generally limited to $1,220,000 for all qualifying property and to $30,500 for a qualifying Nissan vehicle. The remaining cost of a qualifying vehicle that is not expensed under Section 179 is generally eligible for depreciation deductions under Section 168. [[2216]]
SAVINGS, REBATES AND INCENTIVES
Potential Savings with your EV fleet
Electric vehicles have fewer moving parts, which means you can save on routine maintenance. You won't need an oil change, transmission flush, or timing belt repair.
Vehicles That May Qualify in 2024
Up to $30,500 of the qualifying vehicle purchase price in Section 179 first-year expense deductions [[2216]]
Section 179 potentially allows a business to deduct up to $30,500 for a qualifying heavy truck purchased and placed in service in 2024. Below are Nissan heavy trucks that may qualify. Consult with your business’ tax professional to fully understand the requirements and limitations of Section 179. [[2216]]
Up to 60% of the qualifying vehicle purchase price in Section 168(k) first-year bonus depreciation deduction [[2216]]
Section 168(k) potentially allows a business to deduct up to 60% of the cost of qualifying sedans, SUVs and trucks in first-year bonus depreciation for business vehicles purchased and placed in service in 2024. A cap of $20,400 applies to certain vehicles. Below are Nissan vehicles that may qualify for this deduction up to $20,400. Exceptions may apply. Consult with your business’ tax professional to fully understand the requirements and limitations of Section 168(k).[[2216]]
Start with one.
Grow from there.
In business, we understand that big dreams start small. That’s why Nissan Business and Fleet delivers fleet benefits starting with your very first vehicle. As your business builds, we’ll be there with the vehicles you need to keep pace.
