Read an important message from Gator Chrysler Dodge Jeep Ram.
Any qualifying equipment your small business buys and puts into service before the new year may be eligible for up to 100 percent of the purchase price, a deduction from your taxes.
Qualifying Vehicles and Categories
There are three categories when it comes to Section 179 tax deductions. The first qualifies for up to 100 percent of the purchase price, being eligible for a deduction. The second is for up to $30,500 plus up to 60% of the remaining purchase price on top of the standard depreciation deduction. The last is up to $20,400 as a deduction.
Vehicles that may be eligible for a 100 percent deduction have a gross weight of over 6,000 pounds. This includes the Ram 1500 long bed and Ram 2500 and 3500 trucks. Any van with a seating capacity for more than ten. Any cargo vehicle and chassis cab trucks and cutaway vans.
The next category consists of vehicles with a gross weight of over 6,000 pounds, like short-bed trucks, large SUVs, light pickups, and passenger vans with seating for less than ten.
The last category is vehicles with a gross weight under 6,000 pounds, usually smaller SUVs or minivans.
Consult with Your Tax Advisor
If you have any questions about which vehicles are eligible for a Section 179 deduction, it is best to consult your tax advisor or tax preparer. Our staff cannot give tax advice.
Contact Gator Chrysler Dodge Jeep Ram
If you’re looking for a new vehicle to help get your small business off the ground or to add to your fleet, Gator Chrysler Dodge Jeep Ram has a great inventory of commercial vehicles that qualify for Section 179 deductions to save you money. Call today to schedule an appointment to grow your business in Melbourne.