The Porsche Cayenne leads the segment with a wide array of features and benefits. One 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: Business owners that purchase a Porsche Cayenne may be eligible for a year-end tax write-off. The IRS categorizes these SUVs differently than other luxury automobiles, making them eligible for SECTION 179 VEHICLE EXPENSING.
Here's an example of how the math works:
Cayenne Purchase Price: $70,000
Immediate tax depreciation write-off at $25,000 plus,
Bonus depreciation: $70,000-$25,000 x 50% = $22,500
1st yr regular depreciation: $70,000-$25,000-$22,500 x 20% = $4500
Total year depreciation = $52,000
That's a really substantial savings. To qualify, the Cayenne must be purchased (not leased) and must be used for at least 50% for business purposes.
To ensure a business owner can take advantage, the Cayenne must be placed into service by December 31, 2017.
*Porsche Towson is not an accountant nor does it pretend to be.** We are in the business of providing vehicle advice, not tax advice. Customers with questions regarding this topic should consult their individual tax adviser to determine their eligibility for this deduction.