Claim the Section 179 Tax Deduction Near Plymouth, MN
Elevate your small business with a top-tier commercial vehicle from Ryan Auto Mall Chrysler Dodge Jeep Ram Buffalo. At our local Jeep dealership near Plymouth, you'll find a diverse selection of trucks, SUVs and vans perfect for business operations -- many of which qualify for the Section 179 tax deduction.
Take advantage of this tax savings opportunity to deduct up to 100% of the purchase cost of qualifying vehicles from your business's annual taxes. To lock in these significant tax rebates this year, ensure your vehicle is purchased and put into service by December 31, 2023.1
Have questions about the Section 168(k) tax write-off? Consult a tax professional or reach out to our Buffalo commercial truck dealer for information!
An Insight into the 2023 Section 179 Deduction
The Section 179 tax deduction is designed to provide financial assistance to small- and medium-sized businesses who want to acquire new or pre-owned vehicles for commercial purposes. This tax relief plan does have defined limits on the maximum deductible based on vehicle type and other factors.
For 2023, the Section 179 limits have been established as:1
- 2023 Section 179 Deduction Maximum: $1,160,000 -- applicable for both new and used equipment as long as it's new to your business.
- 2023 Bonus Depreciation: 80% -- valid for both new and pre-owned equipment.
- The Passenger Vehicles Deduction Limit: Specific categories of vehicles like pickups and large SUVs weighing between 6,000 and 14,000 pounds may qualify for a maximum first-year deduction of $28,900.
Which Vehicles Are Eligible for Section 179?
Our assortment of new Ram, Chrysler, Jeep and Dodge models offers a range of vehicles eligible for complete or partial Section 179 deductions. These include:
- Chrysler Pacifica
- Dodge Durango
- Jeep Grand Cherokee
- Jeep Grand Cherokee SRT
- Jeep Grand Cherokee L
- Jeep Wrangler Unlimited
- Jeep Gladiator Rubicon
- Ram 1500
- Ram 2500
- Ram 3500
- Ram ProMaster®
Claim the Section 168(k) Tax Code
The Section 168(k) tax code is a valuable tool for small businesses, providing immediate expense deductions that offset the costs of business property investments. This provision of the tax code allows businesses to deduct a significant percentage of the purchase price of eligible assets, like heavy-duty Ram trucks and commercial vans, in the first year of service.
Check out our Ram commercial trucks for sale in Minnesota and reduce your tax burden while improving your fleet capabilities with the Section 168(k) deduction.
Commercial Vehicle Dealership Near Me
Contact Ryan Auto Mall Chrysler Dodge Jeep Ram Buffalo to see which of our new and used vehicles qualify for the Section 179 tax deduction or visit our showroom to chat with our knowledgeable staff. Our nearby commercial vehicle center is your ultimate resource for work trucks, fleet vans and more. Take advantage of this opportunity before the year’s end to save with the Section 179 tax incentive!
1 Information accurate at the time of publishing. Refer to https://www.section179.org for the most current specifics.