Claim Section 179 Tax Deduction Savings in Suffolk, VA
Are you ready to invest in your small business? The Section 179 tax incentive provides the opportunity for you to claim tax breaks when you purchase a new vehicle and other equipment for your business. Whether you want to buy a Ram 3500 to conquer bigger jobs, or you’d like to improve your business’ productivity with a Ram Promaster® cargo van in your fleet, turn to Starr Motors. If you’re curious about the 2022 Section 179 tax deduction and wondering how you can take advantage, the team at our Ram dealer in Suffolk, is here for you.
The Section 179 tax deduction applies to new-to-you vehicles in addition to brand-new models, so you have plenty of options to explore in our inventory. Please note that vehicles only qualify for a Section 179 tax write-off, they must be used for business purposes at least 50% of the time and put into service before December 31, 2022. That means it’s the perfect time to buy a Jeep Grand Cherokee or Ram 1500 in Virginia to elevate your business operations.
Which Vehicles Qualify for the Section 179 Tax Deduction?
- Ram 1500
- Ram 2500
- Ram 3500
- Ram Chassis Cab
- Ram Promaster®
- Ram Promaster City®
- Dodge Charger
- Dodge Durango
- Dodge Journey
- Jeep Grand Cherokee
- Chrysler Pacifica
2022 Section 179 Tax Break Limits
The 2022 Section 179 Deduction limits are as follows:
- 2022 Deduction Limit: $1,080,0001 -- valid on new and used equipment (must be new to the buyer).
- 2022 Spending Cap: $2,700,0001 -- the max amount that can be spent on equipment before the Section 179 Tax Deduction begins to reduce on a dollar-for-dollar basis.
- 2022 Bonus Depreciation: 100%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment.
Businesses can write off up to 100% of expenditures for qualifying vehicles with the Section 179 Tax Deduction. Additionally, other "non-SUV" vehicles and trucks with a cargo area at least six feet in interior length qualify for the full deduction -- including many of the trucks for sale at our Virginia car dealership. Many passenger vehicles can also claim a partial deduction, if used for business purposes at least 50% of the time. Passenger vehicle Section 179 deductions include:
- Cars: $11,160 (including Bonus Depreciation)1
- Trucks & Vans: $11,560 (including Bonus Depreciation)1
- Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1