Commercial Vehicle Tax Deductions Details
Now 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 EXPENSING
A Ram truck is generally considered Section 179 property for U.S. Federal Income Tax purposes. A taxpayer may elect to treat the cost of any Section 179 property as an expense and it’s allowed as a deduction for the taxable year in which the property is placed in service. A qualifying business may expense up to $500,000 of Section 179 property during 2016.
*Consult your tax professional to determine your vehicle depreciation and tax benefits.