Commercial Ram Truck Tax Benefits

Commercial Ram Truck Tax Benefits

Let Dave Smith Motors Save You Money!

Ram has built a reputation for producing the most rugged and capably trucks on the market. With a commercial lineup that is will help you save time and money. Now there is an even more reason to buy Ram. If you are a business owner, you can expense up to 100% on purchasing a qualified commercial Ram. If you would like to learn more about this, all you have to do is keep reading!

SECTION 168(K) TEMPORARY 100% EXPENSING

Under Section 168K, most of Ram's trucks and vans are considered qualified property for the purpose of your federal income taxes. What does this mean, you ask? Well, it means that you can choose to treat the vehicle's purchase price as an expense, which will allow you to use it as a deduction. However, you can only do this within the first year the property is acquired and placed in service.

SECTION 179 FIRST-YEAR EXPENSING

A Ram truck or van typically qualifies for Section 179 as well. Under this tax law, your qualifying business may expense up to $1,050,000 of Section 179 property during 2021. This works similar to the rule mentioned above; your truck or van can be treated as an expense and used as a deduction. 

QUALIFING RAM TRUCKS AND VANS

Many of Ram's trucks and vans fit the parameters of both these tax laws. However, some qualify for 100% of the total purchase price to be used as a deduction, and others up to $18,100 of the total purchase price can be used. The vehicles that qualify for 100% are the Ram 1500, 2500, 3500, the Ram 3500, 4500,5500 Chassis Cab, and the Ram ProMaster and ProMaster City Cargo Van. The Ram ProMaster City Passenger Wagon falls under the $18,100 of the total purchase price categories. 


VISIT DAVE SMITH MOTORS FOR YOUR NEXT COMMERCIAL VEHICLE

If you would like to find out how you can take advantage of either of these great tax laws, please call or stop in and speak with one of the great finance team members at Dave Smith CDJR.  Our Finance Department is no different from the rest of our dealership, we treat everyone that walks through our doors as a friend, and this is why we have the statement "Where friends meet" hanging over the showroom door. This slogan has been how we operate our business for over 50 years. Plus, with over 50 lenders that we work with, we can often secure better loans and rates than you might find elsewhere. We look forward to assisting you in financing your next vehicle.



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