Section 179 At Bob Mariano CJDR in Concord, NH
Buy The Best For Your Business:
Learn More About Section 179
Looking to buy a new commercial vehicle to help out at the work site? If you’re a small business owner, you may be able to take advantage of the Section 179 tax deductions when you buy a Ram commercial truck or cargo van. You can even save on Dodge SUVs and other qualifying vehicles when they are used for business purposes at least 50% of the time. It is essential to put your vehicle into service the same year it is purchased in order to claim your Section 179 tax benefits, so buy your Ram commercial truck before December 31, 2018! To learn more about how you can save with the Section 179 Tax Code, visit our Chrysler, Jeep, Dodge and Ram dealership near Manchester, NH, and speak with our Ram finance team.
Section 179 Tax Code Guidelines and Restrictions
The Section 179 Tax Code was invented to serve small businesses, but businesses of all sizes can benefit from these tax deductions. Your business may be eligible to deduct the full costs of qualifying equipment purchased within the current tax year, up to $1,000,000.
Qualifying vehicles under the Section 179 Tax Code include:
- Vehicles that offer seating for nine or more passengers behind the driver’s seat.
- Vehicles designed with a fully-enclosed driver’s compartment/cargo area that do not have seating behind the driver’s seat or a body section that protrudes 30 inches past the windshield — such as a cargo van.
- Over-the-road tractor trailers and heavy construction equipment.
Need to buy a passenger Ram truck, Dodge SUV or other vehicle? These vehicles may still qualify under the Section 179 Tax Code so long as they are used for business purposes upwards of 50% of the time. The depreciation limits are reduced, however, if the vehicle is not used for business reasons 100% of the time. The total Section 179 deduction combined with Bonus Depreciation is limited to $11,160 for cars, and to $11,560 for trucks and vans. Exceptions to this limit may include:
- Eligible non-personal use vehicles that have been modified for business purposes.
- Hearses or ambulances.
- Transport vehicles such as taxis and other vehicles with the specific purpose of transporting people or property for hire.
- Additional heavy non-SUV vehicles with a cargo area that has an interior length of at least six feet. Many Ram trucks may qualify under this.
Additional Section 179 Information
The Section 179 Tax Code provides an excellent opportunity for small businesses to grow and improve. You can apply Section 179 tax deductions to new, used and Certified Pre-Owned Ram trucks and other qualifying vehicles so long as the vehicle is new to you. You must finance eligible vehicles with qualifying auto loans and leases, and the title of the vehicle must be in your company’s name. And remember to put your new Ram cargo van or commercial truck into service by December 31, 2018, to claim your Section 179 tax deductions!
Qualifying Ram Trucks and Other Vehicles under Section 179 Can Include:
- Ram 1500
- Ram 2500
- Ram 3500
- Ram Chassis Cab
- Ram Promaster City®
- Ram Promaster®
- Dodge Durango
- Dodge Charger
- Dodge Journey
- Chrysler Pacifica
- Jeep Grand Cherokee