If you’re a business owner, you’re always looking for ways to save money come tax time. You may not have thought about what kind of vehicles you should own for your business, if any are required, but there are many advantages to owning a fleet of Land Rover SUVs. Of course, the main advantage is that you and your employees get to drive some of the most technologically advanced, high-powered, and luxurious SUVs on the market. But a more hidden advantage involves the depreciation-related tax expenses that can help your business reduce its bottom line. Here at our Land Rover dealership serving Northbrook IL, we are here to help you and your business save your hard-earned cash.
Here’s
an overview of the tax advantages that your business can receive by
owning Land Rover vehicles. Because the Range Rover and the Range
Rover Sport have gross vehicle weight ratings greater than 6,000
pounds, they qualify for an accelerated tax depreciation schedule.
The vehicles can be depreciated up to 60 percent in the first year,
and fully depreciated in six years. This represents a significant
advantage compared to similarly priced luxury cars. Now, if you’re
the type of business owner that leaves the tax work to the
accountant, put simply, this means that you’ll have more money left
over at the end of the tax year.
If
you look closely at the numbers, you’ll see that when comparing a
2016
Range Rover
with
another luxury car at the same price point, the total allowable
depreciation for the Range Rover after four years amounts to 94
percent of the buying price. On a comparable luxury vehicle, that
number is 25 percent.
Learn more about the advantages of owning a Range Rover SUV right here at Land Rover Northfield.