Take Advantage of Section 179 Tax Rebates
Write Off Up To 100% Of Qualifying Vehicle Purchases!
Wetmore's Chrysler Jeep Dodge Ram can get you up to date on Section 179 tax deduction specifics and the Section 179 limits for 2020. Now is a perfect time to upgrade to a Ram truck or Jeep SUV for your business, so don't miss out on tax savings. If you're wondering, "How does Section 179 work?" or "What vehicles are eligible for Section 179?" keep reading! Then visit our Ram and Jeep dealership in New Milford, CT.
What Is Section 179?
The Section 179 tax deduction is a way for small- and medium-sized businesses to invest in themselves. When you buy a Section 179 vehicle, you'll be able to write off up to the full purchase price of that vehicle for the 2020 tax year. All you need to do is purchase a new Ram 1500, Ram 2500, Jeep Grand Cherokee or other qualifying vehicle and put it into service by end of day on December 31, 2020. New, used and Certified Pre-Owned vehicles for sale in New Milford, CT, all qualify for this offer, so long as it's used for business purposes more than 50% of the time.
What Are the Section 179 Limits?
The 2020 Section 179 tax deduction limit maxes out at $1,040,000 with a spending cap on vehicles purchased at $2,590,000. Bonus Depreciation for 2020 is 100%. These Section 179 deduction limits ensure it's a tax code truly designed to help small- and medium-sized businesses in Connecticut and across the country.
What Vehicles Qualify for Section 179?
At our Connecticut Ram and Jeep dealer you can find a variety of vehicles that qualify for the Section 179 deduction. This tax incentive applies to vehicles that can seat nine or more passengers behind the driver's seat, cargo vehicles with no seating behind the driver's seat and heavy construction equipment, among others. SUVs that qualify for Section 179 savings must have a GVWR between 6,000 and 14,000 pounds. Businesses can deduct up to $25,000 on qualifying SUVs purchased prior to December 31, 2020, and up to $11,160 on certain passenger vehicles.
Eligible Section 179 Ram and Jeep vehicles for sale nearby include: