SECTION 179 TAX SAVINGSEwald Chrysler Jeep Dodge Ram - Serving Franklin, WI
GET UP TO $510,000
IN AGGREGATE TOTAL TAX DEDUCTIONS.
WE EVEN MAKE THE TAX CODE WORK FOR YOUR.
The DetailsNow is the time to purchase the additional vehicle(s) needed for your business. Current tax regulations may allow you to expense up to 100% of your truck purchase(s) during the first year of ownership. Section 179 First-Year ExpensingA Ram truck is generally considered Section 179 property for U.S. Federal Income Tax purposes. This means a taxpayer may elect to treat the cost of any Section 179 property as an expense, allowed as a deduction for the taxable year in which the property is placed in service. A qualifying business may expense up to $510,000 of Section 179 property during 2020. Consult your tax professional to determine your vehicle depreciation and tax benefits.
UP TO
$25,000
OF THE PURCHASE COST IN THE FIRST YEAR
+
EXPENSE UP TO
100%
OF THE PURCHASE COST IN THE FIRST YEAR
UP TO $510,000 AGGREGATE DOLLAR LIMITATION
ProMaster City passenger van may be eligible for up to $11,560 in total deductions in year 1. The listed property expensing restrictions provided in Section 280F do not apply to a vehicle that is considered to be a qualified nonpersonal use vehicle. A qualified nonpersonal use vehicle is by virtue of its nature or design not likely to be used more than a de minimis amount for personal purposes. For more information, see Income Tax Regulation Section 1.280F-6(c)(3)(iii), Income Tax Regulation Section 1.274-5(k)(7), Publication 946 - How to Depreciate Property and consult your tax advisor as to the proper tax treatment of all business-vehicle purchases in 2020. This is not tax advice. Ram is a registered trademark of FCA US LLC.
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