Princeton BMW X5 and X6 Tax Benefits in Hamilton, NJ

Princeton BMW in Hamilton, NJ - serving Princeton, Flemington, Freehold, and Lawrence - can't wait to help you take advantage of your tax benefits when buying a BMW X5 or BMW X6. If you're looking for the perfect ride to enhance your business, you need to be aware of the tax benefits available for the purchase of BMW X5 or X6. These tax benefits allow you to drive home the new vehicle you need and get a significant deduction for up to 100 percent of the cost. To get your business moving in the right direction, see the information below and call Princeton BMW to schedule a financial appointment

The X5 and X6 lead the segment with a wide array of features and benefits.  A benefit that everyone may not be aware of is a very significant tax deduction that is available when the vehicle is purchased for business use. As a result of the Act, business owners may now deduct up to 100% of the vehicle purchase price when the vehicle is purchased for business use, as The IRS categorizes SUVs with a gross vehicle weight in excess of 6,000 lbs differently than other luxury automobiles. 

As a result of the Newly enacted Tax Cuts and Jobs Act:

  • Business owners that purchase an X5 or X6 in tax years 2018 through 2022 may be eligible for a 100% write-off of the purchase price

Example:

X5 or X6 Purchase Price:  $60,000 with 100% Business Use

  • A 100% bonus depreciation deduction ($60,000 x 100%) = $60,000

This presents a substantial tax savings for business owners. To qualify, the X5 or X6 must be purchased (not leased) and must be used for at least 50% for business purposes. This deduction applies to both new and used vehicles acquired by purchase, so long as the acquiring taxpayer had not previously used the acquired vehicle, and did not acquire the vehicle from a related party. 

Please note that the bonus depreciation percentage phases down by 20% per year after tax year 2022 (i.e., bonus depreciation percentage is lowered to 80% for 2023, 60% for 2024, 40% for 2025, and 20% for 2026).  

Disclaimer: To qualify, the X5 or X6 must be purchased (not leased) and must be used for at least 50% for business purposes. This deduction applies to both new and used vehicles acquired by purchase, so long as the acquiring taxpayer had not previously used the acquired vehicle, and did not acquire the vehicle from a related party. Princeton BMW is not an accountant nor provides tax advice. Customers with questions regarding this topic should consult their individual tax adviser to determine their eligibility for this deduction. Offer available on select BMW X5 & X6 SAV Models, see Princeton BMW at 3630 Quakerbridge Road, Hamilton, NJ, for complete details.

Special Lease and finance offers available by dealer Princeton BMW through BMW Financial Services.

Make an Inquiry