Estimate your payments

Please adjust the options below so we can estimate the most accurate monthly payments.

Your estimated credit score
Loan term
Down payment
$59,000
$0
Map 16600 NW 57th Ave, Miami Lakes, FL Today 9-9pm (305) 455-3540
Miami Lakes Automall logo
  • New Vehicles
    • View all [760]
    • Chevrolet
      Chevrolet [123]
        • Blazer
          Blazer [1]
        • Bolt EUV
          Bolt EUV [2]
        • Bolt EV
          Bolt EV [1]
        • Camaro
          Camaro [6]
        • Colorado
          Colorado [5]
        • Equinox
          Equinox [2]
        • Express 2500
          Express 2500 [1]
        • Express 3500
          Express 3500 [5]
        • Malibu
          Malibu [5]
        • Silverado 1500
          Silverado 1500 [49]
        • Silverado 1500 LTD
          Silverado 1500 LTD [1]
        • Silverado 2500HD
          Silverado 2500HD [11]
        • Silverado 3500HD
          Silverado 3500HD [2]
        • Silverado 4500HD
          Silverado 4500HD [2]
      • Silverado 1500 LTD
        Silverado 1500 LTD [1]
      • Silverado 2500HD
        Silverado 2500HD [11]
      • Silverado 3500HD
        Silverado 3500HD [2]
      • Silverado 4500HD
        Silverado 4500HD [2]
      • Suburban
        Suburban [13]
      • Tahoe
        Tahoe [9]
      • TrailBlazer
        TrailBlazer [1]
      • Traverse
        Traverse [6]
      • Trax
        Trax [1]
    • Chrysler
      Chrysler [6]
        • 300
          300 [5]
        • Pacifica
          Pacifica [1]
      • Pacifica
        Pacifica [1]
    • Dodge
      Dodge [60]
        • Challenger
          Challenger [13]
        • Charger
          Charger [25]
      • Durango
        Durango [22]
    • Jeep
      Jeep [207]
        • Cherokee
          Cherokee [9]
        • Compass
          Compass [37]
        • Gladiator
          Gladiator [78]
        • Grand Cherokee
          Grand Cherokee [19]
        • Grand Cherokee L
          Grand Cherokee L [13]
        • Grand Wagoneer
          Grand Wagoneer [4]
      • Grand Wagoneer
        Grand Wagoneer [4]
      • Renegade
        Renegade [5]
      • Wagoneer
        Wagoneer [8]
      • Wrangler
        Wrangler [34]
    • Kia
      Kia [148]
        • Carnival
          Carnival [3]
        • EV6
          EV6 [2]
        • Forte
          Forte [21]
        • K5
          K5 [22]
        • Rio
          Rio [7]
        • Seltos
          Seltos [12]
        • Sorento
          Sorento [26]
        • Soul
          Soul [12]
      • Sorento
        Sorento [26]
      • Soul
        Soul [12]
      • Sportage
        Sportage [25]
      • Sportage Hybrid
        Sportage Hybrid [2]
      • Stinger
        Stinger [4]
      • Telluride
        Telluride [12]
    • Mitsubishi
      Mitsubishi [35]
        • Eclipse Cross
          Eclipse Cross [12]
        • Outlander
          Outlander [17]
      • Outlander Sport
        Outlander Sport [6]
    • Ram
      Ram [181]
        • 1500
          1500 [155]
        • 1500 Classic
          1500 Classic [7]
        • 2500
          2500 [4]
        • 3500
          3500 [8]
        • ProMaster 2500
          ProMaster 2500 [2]
        • ProMaster 3500
          ProMaster 3500 [1]
      • ProMaster 2500
        ProMaster 2500 [2]
      • ProMaster 3500
        ProMaster 3500 [1]
      • ProMaster City
        ProMaster City [4]
    • Shopping Tools
        • Ram Special Edition Trucks
        • Kia Tops JD Power IQS for Second-Year in a Row
        • KBB Instant Cash Offer
        • Kia Niro Plug-in Hybrid
        • Schedule Test Drive
        • New Car Specials
      • Schedule Test Drive
      • New Car Specials
      • Over 30 MPG
      • Trade Appraisal
  • Used Vehicles
    • View all [399]
    • Cars [119]
    • Trucks [77]
    • SUVs & Crossovers [196]
    • Vans [6]
    • Hybrid & Electric [29]
    • View all [399]
    • Acura
      Acura [2]
    • Audi
      Audi [2]
    • BMW
      BMW [8]
    • Buick
      Buick [1]
    • Cadillac
      Cadillac [7]
    • Chevrolet
      Chevrolet [60]
    • Chrysler
      Chrysler [2]
    • Dodge
      Dodge [17]
    • Ford
      Ford [8]
    • Genesis
      Genesis [3]
    • GMC
      GMC [7]
    • Honda
      Honda [18]
    • Hyundai
      Hyundai [14]
    • Jaguar
      Jaguar [1]
    • Jeep
      Jeep [48]
    • Kia
      Kia [122]
    • Land Rover
      Land Rover [1]
    • Lexus
      Lexus [9]
    • Lincoln
      Lincoln [1]
    • Mazda
      Mazda [4]
    • Mercedes-Benz
      Mercedes-Benz [4]
    • Mitsubishi
      Mitsubishi [4]
    • Nissan
      Nissan [8]
    • Porsche
      Porsche [1]
    • Ram
      Ram [32]
    • Toyota
      Toyota [14]
    • Volkswagen
      Volkswagen [1]
    Shopping Tools
    • Used Commercial Vehicles
    • Certified Pre-Owned
    • KBB Instant Cash Offer
    • Trade Appraisal
    • Used Car Specials
    • Used Vehicles Under $12,000
  • Research
    • Chevrolet
      • 2022 Chevrolet Malibu
      • 2022 Chevy Colorado
      • 2022 Chevrolet Corvette
      • 2022 Chevrolet Silverado
      • 2022 Chevrolet Trailblazer
      • 2022 Chevrolet Bolt EUV
      • 2021 Chevrolet Trax
      • 2021 Chevrolet Silverado
      • 2021 Chevrolet Traverse
      • 2021 Chevrolet Trailblazer
      • 2021 Chevrolet Tahoe
      • 2021 Chevrolet Malibu
      • 2021 Chevrolet Camaro
      • 2021 Chevrolet Blazer
      • 2021 Chevrolet Equinox
      • 2020 Chevy Colorado
      • 2020 Chevrolet Equinox
      • 2020 Chevrolet Traverse
      • 2020 Chevy Tahoe
    • Chrysler
      • 2022 Chrysler Pacifica
      • 2021 Chysler Pacifica
      • 2021 Chrysler 300
      • 2020 Chrysler Pacifica
      • 2020 Chrysler 300
    • Dodge
      • 2021 Dodge Charger
      • 2021 Dodge Challenger
      • 2021 Dodge Durango
      • 2020 Dodge Charger
      • 2020 Dodge Durango
    • Jeep
      • 2022 Jeep Gladiator
      • 2022 Jeep Compass
      • 2021 Jeep Wrangler
      • 2021 Jeep Grand Cherokee
      • 2021 Jeep Cherokee
      • 2020 Jeep Cherokee
      • 2020 Jeep Compass
    • Kia
      • 2022 Kia Sportage
      • 2022 Kia EV6
      • 2022 Kia Forte
      • 2022 Kia Rio
      • 2022 Kia Niro
      • 2022 Kia Sorento
      • 2022 KIA Soul
      • 2022 KIA Telluride
      • 2022 Kia K5
      • 2022 Kia Carnival
      • 2022 Kia Seltos
      • 2021 Kia Forte
      • 2021 Kia K5
      • 2021 Kia Stinger
      • 2021 Kia Sorento Hybrid
      • 2021 Kia Sedona
      • 2021 Kia Rio and Rio 5-door
      • 2021 Kia Telluride
      • 2021 Kia Sorento Specs
      • 2021 Kia Niro Specs
      • 2021 Kia Sportage
      • 2021 Kia Soul
      • 2021 Kia Seltos Specs
      • 2020 Kia Seltos
      • 2020 Kia Sportage
      • 2020 Kia Soul
      • 2020 Kia Telluride
      • 2019 Kia Sedona
      • 2019 Kia Niro
      • 2019 Kia Optima
    • Mitsubishi
      • 2022 Mitsubishi Mirage G4
      • 2022 Mitsubishi Mirage
      • 2022 Mitsubishi Eclipse Cross
      • 2022 Mitsubishi Outlander PHEV
      • 2021 Mitsubishi Outlander PHEV
      • 2022 Mitsubishi Outlander
      • 2021 Mitsubishi Mirage G4
      • 2021 Mitsubishi Mirage
      • 2021 Mitsubishi Outlander Sport
      • 2020 Eclipse Cross
      • 2019 Mitsubishi Outlander
      • 2019 Outlander Sport
    • Ram
      • 2021 Ram 1500
      • 2021 Jeep Renegade
      • 2020 RAM 1500
      • 2019 Ram 1500
      • 2019 Ram ProMaster
      • 2019 Ram ProMaster City
  • Finance
    • Finance
    • Trade
    • KBB Instant Cash Offer
  • Specials
    • New Specials
    • Used Specials
    • Manager Specials
    • Vehicle Coupons
    • Service and Parts Specials
    • Collision Center
    • KBB Instant Cash Offer
  • Service & Parts
    • Our Services
    • Schedule Service
    • Order Parts
    • Service Coupons
    • Service and Parts Financing
    • Collision Center
    • Mitsubishi Motors North American Statement
  • About Us
    • Our Dealership
    • Virtual Tour
    • Contact Us
    • Our Team
    • Hours and Directions
    • Careers
    • Customer Testimonials
    • KBB Instant Cash Offer
  • Blog
    • Miami Lakes Chevrolet
    • Miami Lakes Chrysler
    • Miami Lakes Dodge
    • Miami Lakes Jeep
    • Miami Lakes Ram
    • Miami Lakes Mitsubishi
    • Miami Lakes Kia
  • Covid-19 Update
Home / Section 179 Tax Advantages For Buying Vehicles In Miami, FL

Section 179 for Vehicles

The section 179 deduction is one of the most popular accelerated methods of deductions for business owners. Often referred to as the “Hummer tax loophole” due to its ability to substantially lower the tax bills for these kinds of vehicles, the section 179 deduction was initially set up by Congress to push businesses to grow by  allowing them to depreciate 100 percent of the cost of newly bought business equipment.

Since business cars and trucks are classified as business equipment, they qualify for section 179, but under special depreciation rules. Generally, these deduction rules are dependent on whether the vehicle is considered as a luxury automobile, van, SUV, truck, or heavy vehicle exclusive of SUV’s.

Here is how the depreciation rules apply under section 179 of the IRS tax code of 2014.

Luxury Automobile

If a vehicle is not considered a truck or SUV, and its unloaded gross weight is 6,000lbs or less, then it is subject to the section 179 luxury automobile depreciation limits.

For luxury vehicles placed in service in 2014, the depreciation is limited to $3,160 during the first year $5,100 for the second year, $3,050 for the third year, and $1,875 for the fourth year in service and thereafter.

However, it is vital to note that these deprecation limits are only applicable to vehicles costing $15, 800 and more.

Light Vans, SUV’s and Trucks

If a vehicle is considered a light van, SUV, or truck, and its unloaded gross weight is 6,000lbs or less, then it is subject to section 179 expense deduction for light automobiles.  Vans such as the Ram Promaster or Chevrolet City Express may fit in this category.  

 For example if the light vehicle was placed in service in 2014, the depreciation limit cannot exceed $3,460 for the first year,  $5,500 for the second year, $3,350 for the third year, and $1,975 for the fourth year in service and thereafter.  Trucks such as some Ram 1500 and Heavy Duty Trucks may fit in this category.

However, the deduction limits for light vehicles do not apply to trucks or vans that are considered as qualified non-personal use vehicles. This means that by reasons of their nature, these vehicles cannot be used for personal purposes. Such vehicles include but are not limited to, bucket trucks, delivery trucks, and refrigerated trucks.  Available for upfit through retailers in the Miami Area such as Miami Lakes Automall, customized commercial vehicles may be the best option to maximize tax savings.

Heavy Vehicles Exclusive of SUV’s

If a vehicles gross vehicle weight is rated at more than 6,000lbs but less than 14,000lbs, (exclusive of SUV’s and trucks with beds less than 6 feet), no depreciation limits will be placed on that vehicle. However, a section 179 deduction may be taken for 100 percent of the vehicle’s purchase price, up to the limit of $500,000.

Heavy SUV’s

If an SUV’s gross weight is rated at more than 6,000lbs, no depreciation limit will be allowed on that vehicle. However, under Section 179(b)(5), a section 179 expense deduction of up to $25,000 may be taken off the purchase price subject to  certain Sec.179 limitations.

Standard MACRS depreciation may also apply on the basis remaining after the application of the Sec.179 deduction. No Sec.179 expense limit applies to SUV’s whose gross weight is more than 14,000lbs.

Bonus Depreciation

Under the bonus depreciation, an additional 50 percent deduction is permitted for qualifying equipment during the first year. For vehicles to quality for bonus depreciation, they must be new and used more than 50 percent for business. Under these rules, bonus depreciation deduction of up to $8,000 may be taken for passenger automobiles for the first tax year. It is paramount to note that the amount is not adjusted for inflation.

As it can be seen, Section 179 deduction is beneficial and choosing just the right vehicle could make a huge difference on your annual tax load.

 

 

The opinions shared here are provided through the the research of the writer and are not endorsed or guaranteed by the dealership.  Please consult your personal tax representative before purchasing to review your options to maximize your tax incentive.

LOCATION
16600 NW 57th Ave, Miami Lakes, FL 33014
Get Directions

Sales: (305) 455-3540 | Hours
Service: (305) 455-3550 | Hours
Parts: (305) 455-3580 | Hours
INVENTORY

Cars
Trucks
SUVs
Hybrids

QUICK LINKS
VIEW ALL INVENTORY
SCHEDULE SERVICE
CALCULATE TRADE
APPLY FOR FINANCE
about us

Next-Generation Engine 6 Custom Dealer Website powered by DealerFire.  Part of the DealerSocket portfolio of advanced automotive technology products.
Copyright © Miami Lakes Automall      Privacy Policy, Terms and Arbitration
  |  Sitemap