Progressive Chrysler Dodge Jeep Ram
With Section 179 and Section 168, business owners can invest in their companies with reliable vehicles at Progressive Chrysler Jeep Dodge Ram Inc. Our Commercial Vehicle Specialists can help you get the most out of your tax savings benefits by helping you select the right vehicle for your needs. Contact our team and upgrade your work capacity with a great commercial vehicle today.
2023 FIRST YEAR DEPRECIATION LIMITS UP TO 80% OF THE TOTAL PURCHASE PRICE DEDUCTION PER VEHICLE
GLADIATOR:
DEDUCT UP TO 100% OF THE TOTAL PURCHASE PRICE
During the first year of purchase and use of a Ram Commercial vehicle, you could get up to 100% of the Total Purchase Price Deduction per vehicle on your tax return.
*Consult your tax professional to determine your vehicle depreciation and tax benefits.
For the 2023 tax year, businesses can take a one-time 80% bonus depreciation on eligible equipment expenses.
Please consult with your tax preparation specialists to determine eligibility and exact deduction amounts.
Any commercial vehicles you purchase at Progressive Chrysler Dodge Jeep Inc. qualify for at least a partial Section 179 deduction, depending on the weight or modifications. Qualifying business expenses are eligible for Section 179 deductions up to $1,160,000 in 2023. Section 179 is extremely flexible and regards most purchases like vehicles, furniture, and software as expensable items.
There is also an Equipment Spending Cap of $4,050,000 for 2023, ensuring that Section 179 is a true small business benefit.
Section 179 is a provision of the IRS tax code that allows small to medium businesses to acquire the necessary equipment and make it more affordable with generous tax deductions. Thanks to new rules for the 2023 tax season, you can deduct up to the full purchase price of a work vehicle purchased at Progressive Chrysler Dodge Jeep Inc. and reduce your tax burden next tax season. In previous years, business owners had to use complicated depreciation calculators to write off their equipment purchases a little at a time. However, 2023 rules allow you to deduce the full purchase price all at once.
The great thing about Section 179 is that any vehicle used for at least 50% work purposes qualifies for at least a partial deduction. There are weight limits associated with the deduction amount, but most heavy-duty work vehicles or vehicles modified specifically for work use qualify for a full deduction. Check out our excellent work trucks suitable for a wide range of vocational needs:
At Progressive Chrysler Dodge Jeep Inc., we have a wide range of vehicle options. Whether you need a heavy-duty construction vehicle or a high-end transportation vehicle to impress important clients, we have a great selection. All work vehicles qualify for at least a partial Section 179 deduction as long as they meet the minimum 50% business use criteria. The flexibility of Section 179 for small business owners allows them to invest in their business with the right vehicles for their needs.
For Section 179 deductions, "Light" vehicles are any vehicles used for business that weigh under 6,000 pounds. The max deduction for light vehicles is $12,200. With bonus depreciation, the total spending cap is $20,200.
Most of our commercial vehicles will fall under the "heavy" category unless modified for a specific work purpose. Vehicles weighing 6,000 to 14,000 pounds are considered heavy vehicles and are eligible for a partial deduction of up to $28,900, not including bonus depreciation.
All work vehicles that weigh over 14,000 pounds automatically qualify for up to a 100% deduction as long as they are designated for a minimum of 50% work use. If a vehicle is modified for a particular work purpose, like police cars, ambulances, etc., they automatically qualify for a 100% deduction with no weight limits.
For more information about tax benefits for commercial vehicles, contact your tax preparation specialists and our team in the Commercial Vehicle Center. We look forward to helping you upgrade your business capacity with reliable work vehicles and all the services you need to keep your fleet in top condition.
7966 Hills And Dales Rd NE
Massillon, OH 44646-5241