Section 179

What is Section 179?

 

Under Section 179 of the IRS tax code, there is a break for business owners. Section 179 of the IRS tax code allows businesses to deduct all or part of the cost of your vehicle in the first year you use it for business, so long as it qualifies for the Section 179 deduction. As the IRS changes its code, you should always check with your tax advisor to get the full benefits of Section 179. The basic understanding is that “Section 179 of the tax code allows business taxpayers may deduct the cost of a specific property as an expense when it is first placed in service.” That property would be a vehicle. Also keep in mind: 

 

  • Fully electric vehicles have lower deduction limits
  • Deductions can only be made on vehicles placed “in service,” meaning actively used for business in that year
  • The tax rules can change from year to year

 

How Does Section 179 Work?

 

Both new and used Chrysler Dodge Jeep Ram models purchased or leased in 2024 can qualify for the Section 179 tax deduction, so long as they’re put into service by the end of day on December 31, 2024. This advantage allows you to claim up to the entire purchase cost of the vehicle as a tax deduction. The amount you can write off depends on how much the vehicle is used for business purposes. 

 

How can Bryden Chrysler Dodge Jeep Ram help your business costs? 

 

Local business owners not only gain access to a range of top-performing vehicles but also can take full advantage of the Section 179 deduction to lower taxable income and reinvest in their operations. With a vast inventory of new and used vehicles and any of those vehicles over 6,000 gross vehicle weight rating but no more than 14,000 lbs is eligible, which includes the models that may qualify:  

 

Chrysler Pacifica Jeep Grand Cherokee Jeep Wrangler

Jeep Gladiator Wagoneer Grand Wagoneer

Dodge Durango Ram 1500 Classic Ram 1500

Ram 2500 Ram 3500 Ram Chassis Cab

Executive fleet vehicles, including luxury models like the Wagoneer, or performance Ram trucks, meet Section 179’s weight requirements and provide performance and comfort. By utilizing the Section 179 tax deduction, businesses can offer their fleet operators high-quality vehicles that support both business needs and corporate image, all while benefiting from significant tax savings. These models provide a perfect balance of professionalism, comfort, and tax benefits, making them ideal choices for companies looking to optimize their fleets. 

Disclaimer: 

[1] The information provided regarding Section 179 tax deductions is intended for general informational purposes only. Tax laws are subject to change, and individual circumstances may vary. Section 179 limits and information provided are subject to change by the IRS. Please visit the IRS website or consult a qualified tax professional for confirmation of the current Section 179 limits and information related to your situation.