Write Off Your Business Vehicle On This Year’s Taxes With The Section 179 Tax Deduction
Boost your success and your company's growth with Pogue Chrysler Dodge Jeep Ram FIAT® -- a Kentucky dealership dedicated to the prosperity of local businesses. Come to our Jeep and Ram dealership in Powderly to learn about the 2023 Section 179 tax deductions.
Whether you're considering adding a Ram truck to your fleet or checking if your Jeep 4x4 is eligible for Section 179 tax credits, our experienced Chrysler financial professionals are ready to provide the commercial vehicle tax guide you need.
Which Vehicles Are Eligible for Section 179?
Benefit from significant savings when you purchase a van, truck or tax-qualified new Jeep SUV or Ram truck from us, and note that used vehicles can also qualify. If you're unsure about the qualifying criteria for Section 179 or if your preferred vehicle is included, we'll happily explore the extensive list of eligible options with you. Some of the new and used vehicles at Pogue Chrysler Dodge Jeep Ram FIAT that may qualify for Section 179 include:
- Chrysler Pacifica
- Dodge Durango
- Dodge Grand Caravan
- Jeep Grand Cherokee
- Jeep Grand Cherokee L
- Jeep Wrangler Unlimited
- Jeep Gladiator Rubicon
- Ram 1500
- Ram 2500
- Ram 3500
- Ram ProMaster®
What Are the Caps on Section 179?
The cap on Section 179 tax deductions for 2023 is $1,160,000 – an increase from the previous year.1 Whether you're purchasing a new Ram truck in Powderly, financing a used work van or leasing a qualifying Jeep model, all that matters is that the vehicle is new to you. Meanwhile, this year's Bonus Depreciation is at 80%.
To be eligible for Section 179 this year, the vehicle must be operational by the end of December 31, 2023, and must be used for business purposes more than half of the time. The title of the vehicle should bear the name of your company. There are additional limitations on passenger vehicles used for business, so visit us today to get all the details regarding the 2023 Section 179 tax code.
What Does Section 179 Entail?
Eligible businesses can use the Section 179 tax deduction to offset the cost of machinery and certain equipment during tax filing -- including vehicles. This program, created by the U.S. government, was designed to help small- and medium-sized businesses reduce their tax burden and invest in themselves.
Reliable SUVs like the latest Jeep Grand Cherokee qualify, as do passenger vans such as the Chrysler Pacifica. New and used commercial vehicles like the Ram 1500 and Ram ProMaster® also qualify, giving local owners a variety of choices for their business and tax advantages.
Commercial Ram Dealership Near Me
Have questions about the 2023 Section 179 expenditure cap? Want to see a selection of tax-eligible commercial trucks, vans and more? Contact Pogue Chrysler Dodge Jeep Ram FIAT to speak with our knowledgeable team today!
1 Information accurate at the time of publication. Check with dealer for specifics.