Is your business in need of durable vehicles while capitalizing on tax savings? Look no further than our Ram and Jeep dealership near Auburn. We provide a wide array of Jeep SUVs and Ram trucks that qualify for the Section 179 tax deduction, allowing you to deduct up to the full purchase price of these exceptional vehicles, given they are used for business purposes at least half of the time. Let the team at Herb Chambers Chrysler Dodge Jeep Ram FIAT® of Millbury help you enhance your business vehicles with this savvy tax strategy.
What Are the Section 179 Tax Deduction Limits for 2024?
To make the most out of the Section 179 tax benefits, it's crucial to know the specifics:
- Deduction Limit: Businesses can write off up to $1,220,000. 1
- Spending Cap: The spending limit on eligible equipment is $3,050,000. 1
- 2024 Bonus Depreciation: 60%1
- Allows for a significant immediate deduction on qualifying assets.
- Typically used after reaching the Spending Cap.
- Covers both new and used vehicle purchases.
- Eligibility: Must be acquired and operational by December 31, 2024.
This tax benefit is ideal for local businesses committed to expanding their operations. Plus, The Herb Chambers Companies offer the largest selection of new and used vehicles in New England, ensuring you find exactly what fits your business needs. The vehicle you buy can be a new Jeep or used vehicle – what matters is it's new to you!
Ram and Jeep models eligible for the Section 179 tax deduction can include:
- Jeep Wrangler
- Jeep Grand Cherokee
- Ram 1500
- Ram 2500
Visit our Millbury Ram dealer to explore which models best serve your business purposes. Our friendly staff is eager to discuss how you can take advantage of Section 179 tax deductions. For further details, call or click to speak with a Herb Chambers expert!
1 Information accurate at date of publishing. Refer to https://www.section179.org for most up-to-date specifications.