Whether you are looking for a business vehicle or a personal car, there are several significant tax advantages and benefits that can help you save on your purchase in Indiana. As a leading Indiana New & Used Toyota Dealer located in Mishawaka, we are here to help you learn more about tax benefits to help you save on your vehicle purchase.
Section 179 Tax Deductions for Business Vehicles
Business owners in Indiana looking to upgrade their vehicle are encouraged to look into Section 179 tax deductions. This benefit allows businesses to write off the purchase price of their vehicle in the same year it was purchased and put into service. It is important to note this deduction is specifically business oriented, and not meant for individual purchases. The largest benefits apply to qualifying models with a gross vehicle weight rating (GVWR) of more than 6,000 pounds.
Indiana Trade-In Allowance
In Indiana, drivers can subtract the value of their trade-in vehicle from the purchase price of a new vehicle. This gives you significant savings when trading in and purchasing at the same time. Our team can help you learn more about the Indiana trade-in allowance so you can maximize your deal in the Mishawaka and Elkhart area.
Consult Your Tax Advisor for More Details
If you are interested in learning more about Indiana tax advantages and benefits for vehicle purchases, we recommend consulting your tax advisor today! Our team is also here to show off our brand-new Toyota inventory near South Bend and Osceola if you are interested in upgrading to a new sedan, SUV, minivan, or pickup truck. If you have any questions, we are just a phone call away at Jordan Toyota, and we are excited to hear from you!
