This tax season, you can make your work vehicle work to save you money on your taxes. With Section 179 of the tax code, you could deduct up to 100 percent of the cost of a work truck. Keep reading to find out more.
Vehicles Eligible for 100 Percent Deduction
The eligibility for a 100 percent deduction is restricted to work trucks and vans. Vehicles include trucks such as the Ram 2500 and Ram 3500 with standard and long beds. The Ram 1500 with a long bed is also included. Chassis cab trucks are eligible. Promaster cargo and passenger vans seating 10 or more are eligible. Promaster cutaway chassis are also eligible.
Vehicles Eligible for up to a $30,500 Deduction
Some pickups and SUVs are eligible for up to a $30,500 deduction when used commercially. A Ram 1500 with a short bed is in this category. Like any other Chrysler, Dodge, or Jeep vehicle with a gross weight greater than 6,000 pounds. If you have questions about which vehicles we sell that are over 6,000 pounds gross vehicle weight, our Commercial Vehicle Center can help. If you have further questions on Section 179, an accountant or tax attorney can better answer those questions for you.
Vehicles Eligible for up to a $20,400 Deduction
SUVs under 6,000 pounds gross vehicle weight are eligible for up to $20,400 in deductions. Our Commercial Vehicle Center can help answer questions on which vehicles we sell qualify in that weight class.
EVs Eligible for a $7,500 Tax Credit
Some electric vehicles that have commercial use are eligible for up to a $7,500 tax credit. This eligibility can change depending on the model year.
Contact Us
Don Jackson Chrysler Dodge Jeep Ram North is here to answer any questions you have about our commercial vehicles. Call today to schedule a time to come in and browse Section 179 eligible vehicles.