Tax Savings for Business

 


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.
*Individual tax situations may vary. Federal rules and tax guidelines are subject to change. Consult your tax adviser for complete details on rules applicable to your business.

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.

Have Questions About Tax Benefits For Your Business?

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