Ram Commercial Truck Tax Benefits in AR
Are you using a Ram truck or van in your business? Whether you are using a Ram for your Hauling business, delivery service, or any commercial use, you may be eligible for a tax deduction. If you are a business owner and own a heavy-duty SUV, pickup, and vans, they are treated for tax purposes as transportation equipment. So, they qualify for up to 100% first-year bonus depreciation. This can provide a huge tax break for buying heavy-duty vehicles.
Section 168(k)
A Ram truck or van is generally considered qualified property for section 168(k) purposes for U.S. federal income tax purposes. Section 168(k) allows taxpayers to expense 100% of the cost of qualified property bought and placed in service in the same year.
Section 179
Section 179 allows businesses to deduct the total cost of capital assets the same year they were bought rather than depreciating them over their useful life. Ram trucks are typically considered capital assets and qualify for Section 179. This means you can deduct the total cost of the Ram truck or van instead of its depreciated value over its useful life. A qualifying business may expense up to $1,050,000 of Section 179 property during 2021.
Why should you choose Ram for your business?
There are many Ram trucks or vans that qualify for tax benefits. If you are looking for a truck, you can choose the Ram 1500, 2500, 3500 4500, or 5500. If you would like to purchase a van, you are in luck. The ProMaster, and ProMaster City Cargo Van both qualify. These Ram vehicles are significant business assets. They help your company stay productive and profitable. Plus, with features like Ram Telematics and BusinessLink, you can monitor your entire business by providing real-time data about everything from your vehicles and drivers to fuel-saving and productivity.
Visit Campbell CDJR and find out how we can help you save money
If you are looking to add to your business’s vehicle fleet and would like a tax break, then why not go with a Ram, and if you’re in the Benton AR area, then Campbell CDJR is the dealership for you. We offer our clients a wide selection of commercial vehicles and a well-equipped finance team. We invite you to our lot to test drive any of the current models we have for sale or lease, and our team is waiting to provide you with the level of service you deserve.