If you own a business in Wynne, Arkansas or the surrounding areas, now is a great time to invest in a new commercial vehicle. Thanks to Section 179 and 168(k) of the tax code, you can potentially save thousands on your taxes by purchasing qualifying vehicles like trucks, vans and SUVs for your company.
What are Section 179 and 168(k)?
Section 179 and 168(k) are two valuable tax deductions that allow businesses to write off the full or partial cost of certain qualifying equipment and vehicles in the year they are purchased, rather than depreciating them over several years. For commercial vehicles, this means you may be able to deduct up to the full purchase price from your business's gross income, significantly lowering your tax liability for the year.
Significant Tax Savings for Businesses
So, just how much could your business save by taking advantage of these tax deductions? It depends on the specific vehicle and your unique tax situation, but the savings can be substantial. For example, if you purchase a qualifying commercial vehicle for $50,000 and can deduct the full amount under Section 179, you would reduce your taxable income for the year by $50,000. For a business in the 35% tax bracket, that would mean a tax savings of $17,500 on the vehicle purchase.
Businesses located in West Memphis and Memphis can enjoy these same significant tax savings by purchasing a commercial vehicle at Heartland CDJR. Our dealership is just a short drive away and we are committed to helping businesses maximize their tax deductions so they can invest those savings back into growing their companies.
Learn More at Heartland CDJR
Whether your business is located in Jonesboro, Forrest City or anywhere in between, we invite you to visit Heartland Chrysler Dodge Jeep Ram to explore our lineup of commercial vehicles and learn more about how you can save with Section 179 and 168(k). Our friendly and experienced team is standing by to answer any questions you may have about tax incentives or vehicle options.