Looking for the right time to upgrade your business with new commercial Ram trucks? Stop by our Ram dealership in Sandusky and learn about the Section 179 tax deduction: a tax-savings initiative created by the government to help businesses invest in themselves.
Our team can go over the Section 179 advantages and show you just how much you can save when you buy a new Ram truck or used commercial vehicle. The tax deduction can be applied so long as the vehicle is in operation by end of day on December 31, 2024, so don't miss out on the opportunity to save on equipment for your business!
2024 Section 179 Tax Deduction Limits
If you own a small- or medium-sized business, you can leverage the Section 179 tax deduction to save big on commercial vehicles.
Section 179 tax duction limits and guidelines include:
- 2024 Deduction Limit: $1,220,000
- Valid on new and used equipment (must be new to buyer), either purchased or leased.
- 2024 Spending Cap: $3,050,000
- Upon reaching this cap, deduction is reduced on dollar-for-dollar basis.
- 2024 Bonus Depreciation: 60%
- This tax benefit enables a business to deduct a substantial percentage of the purchase price of qualifying assets immediately.
- Typically claimed after the Spending Cap is achieved.
- Applicable to both new and used vehicles.
To take advantage of the full tax deduction, be sure to make your purchase and have the vehicle titled in your company's name before the end of the year. Contact Tubbs Brothers Inc. Chrysler Dodge Jeep Ram with any questions or if you'd like to test-drive one of our Ram trucks or other commercial vehicles!
Which Vehicles Are Eligible for Section 179 Savings?
New and used vehicles eligible for the Section 179 tax deduction include:
- Ram 1500
- Ram 2500
- Ram 3500
- Chrysler Pacifica
- Dodge Durango
- Jeep Grand Cherokee & Grand Cherokee L
- Jeep Wrangler Unlimited
- Jeep Gladiator
Buy a Ram Work Truck Near Me
Our team is available to answer your questions and make the truck-buying process as simple as possible. Whether you need to transport heavy cargo or want a Ram truck with max towing capabilities, just let us know. We can't wait to help you buy a new or pre-owned Ram at Tubbs Brothers Inc. Chrysler Dodge Jeep Ram!
Learn More: Schedule a Test-Drive | Browse Work Trucks