Note: This article does not constitute tax advice. Tax law is subject to change. Talk to your tax advisor for full details.

If you are a small business owner and drive a lot for your business, an IRS tax rule could save you money.

IRS Section 179 includes a vehicle depreciation write-off for 2014. It lets you rapidly depreciate a new or pre-owned vehicle up to 60 percent of its value in your first year of ownership. Tax depreciation doesn’t mean that if you sell your vehicle, you won’t get as much money for it. It means that when it’s time to pay your federal income tax, self-employment tax, and possibly even your state income tax, your bill will be reduced.

To take advantage of this write-off, the gross vehicle weight rating—which is the weight of the car when it’s fully loaded with people and cargo—must be at least 6,000 lbs. You can usually find the GVWR on the sticker where the driver’s door closes. Vehicles with GVWR’s this high are typically heavy SUVs, trucks and vans.

The second qualification is that at least 50 percent of your vehicle’s miles must have been for business use. The higher the percentage of miles used for business, the more you can depreciate your vehicle for tax purposes.

An example of this would be if you bought a heavy SUV for $60,000 and used it 100 percent of the time for business. In this case, your estimated depreciation would be $36,000 ($30,000 from Section 179 and $6,000 from regular vehicle depreciation). As you can see, Section 179 reduces your tax bill on this vehicle by a factor of six.

To take advantage of Section 179 for vehicles, you must purchase your new or pre-owned vehicle before the end of 2014. Because of Section 179, within a few years your vehicle could be entirely depreciated, which would be a significant tax savings to you and your business.

See below for a list of vehicles that might qualify for the Section 179 write-off. We’ll update the list as we become aware of additional vehicles:

2014/2015 Audi Q7 3.0T

2014/2015 BMW X6 M

2014/2015 BMW X6 XDRIVE35I

2014/2015 Buick ENCLAVE 2WD

2014/2015 Buick ENCLAVE 4WD

2014/2015 Cadillac ESCALADE 2WD

2014/2015 Cadillac ESCALADE AWD

2014/2015 Chevrolet Truck SILVERADO C1500

2014/2015 Chevrolet Truck SILVERADO K1500

2014/2015 Chevrolet Truck SUBURBAN 2WD

2014/2015 Chevrolet Truck SUBURBAN 4WD

2014/2015 Chevrolet Truck TAHOE 2WD LS

2014/2015 Chevrolet Truck TAHOE 4WD LS

2014/2015 Chevrolet Truck TRAVERSE 2WD

2014/2015 Chevrolet Truck TRAVERSE 4WD

2014/2015 Dodge Truck DURANGO 2WD

2014/2015 Dodge Truck DURANGO 4WD

2014/2015 Ford Truck EXPEDITION 2WD

2014/2015 Ford Truck EXPEDITION 4WD

2014/2015 Ford Truck EXPLORER 2WD

2014/2015 Ford Truck EXPLORER 4WD

2014/2015 Ford Truck FLEX AWD

2014/2015 GMC ACADIA 2WD

2014/2015 GMC ACADIA 4WD

2014/2015 GMC SIERRA C1500

2014/2015 GMC SIERRA K1500

2014/2015 GMC YUKON 2WD

2014/2015 GMC YUKON 4WD

2014/2015 GMC YUKON XL 2WD

2014/2015 GMC YUKON XL 4WD

2014/2015 Jeep GRAND CHEROKEE

2014/2015 Jeep GRAND CHEROKEE

2014/2015 Land Rover RANGE ROVER 4WD

2014/2015 Land Rover RANGE ROVER SPORT

2014/2015 Land Rover LR4

2014/2015 Lincoln MKT AWD

2014/2015 Lincoln NAVIGATOR 2WD

2014/2015 Lincoln NAVIGATOR 4WD

2014/2015 Mercedes-Benz G550

2014/2015 Mercedes-Benz GL350 BLUETEC

2014/2015 Mercedes-Benz ML350

2015 Mercedes-Benz Sprinter Cargo Van

2015 Mercedes-Benz Sprinter Crew Van

2015 Mercedes-Benz Sprinter Passenger Van

2014/2015 Nissan ARMADA 2WD

2014/2015 Nissan ARMADA 4WD

2014/2015 Nissan TITAN 2WD CREW

2014/2015 Nissan TITAN 4WD CREW

2014/2015 Porsche CAYENNE

2014/2015 Ram CARGO VAN

2014/2015 Ram RAM 2WD 1500

2014/2015 Ram RAM 4WD 1500

2014/2015 Toyota 4RUNNER 2WD LTD

2014/2015 Toyota 4RUNNER 4WD LTD

2014/2015 Toyota SEQUOIA 2WD LTD

2014/2015 Toyota SEQUOIA 4WD LTD

2014/2015 Toyota TUNDRA 2WD

2014/2015 Toyota TUNDRA 4WD

2014/2015 Volkswagen TOUAREG

2014/2015 Volvo XC90

2014/2015 Volvo XC90 AWD

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