If you own a business that uses commercial vehicles, you may be able to take advantage of significant tax savings through the Section 179 deduction. Section 179 of the IRS tax code allows local businesses to deduct full purchase prices of qualifying equipment and vehicles from their gross income. This can help lower your taxable income and free up cash for other business expenses.
At Heartland Chrysler Dodge Jeep Ram, we have a wide selection of commercial vehicles at our dealership in Wynne, AR that may qualify for the section 179 tax savings. Our knowledgeable sales team can help you choose the right vehicle for your business needs. Many businesses near West Memphis and Jonesboro have used Section 179 to purchase work trucks, cargo vans, and other commercial vehicles while getting a substantial deduction. By deducting the full cost of the vehicle from your business income the year it's put into service, you can significantly lower your taxable income.
Find Your Ideal Commercial Vehicle and Take Advantage of Section 179 Near Memphis and Forrest City
Companies in the Memphis and Forrest City areas that rely heavily on commercial vehicles for deliveries, service calls, or transporting equipment may find that Section 179 deductions allow them to upgrade their fleet more often. This can help keep repair and maintenance costs down. To qualify for the Section 179 deduction in 2023, the commercial vehicle must be purchased and put into service between January 1, 2023 and December 31, 2023. The vehicle must be used for business purposes more than 50% of the time and must meet certain parameters to qualify. We recommend carefully reviewing the full Section 179 guidelines on the IRS website or consulting with a qualified tax professional to ensure eligibility. Visit us today to get started!
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