
Tax Savings for Business
Â

Section 179 of the I.R.S. tax code offers significant deductions on qualifying business vehicles.
You may qualify if you:
- Are a business that purchased or financed qualifying new or used business equipment, including certain business-use vehicles, during the 2020 tax year.
- Put the equipment into service between January 1, 2020, and December 31, 2020.
- Used this equipment for business purposes more than 50% of the time.
- Spent less than $3,500,000 on this equipment.
How much could I deduct?
- You cannot write off more than $1,000,000.
- The
total amount of equipment purchase cannot be more than $2,500,000. It
phases out dollar-for-dollar after that, so once $3,500,000 is spent,
the deduction goes away entirely.

Which models are eligible?
The following models would be eligible:
- Jeep Grand Cherokee
- Jeep Gladiator Rubicon
- Jeep Gladiator Mojave
- Dodge Durango
- Most RAM models (except ProMaster City)
Since these models
have Gross Vehicle Weight Ratings (GVWR) greater than 6,000 pounds, they
can be fully depreciated in the first year of ownership when used for
business 100% of the time, giving you the freedom to spend on the things
that matter most.