Under Section 179 of the IRS Tax Code, businesses in Los Lunas that purchase new equipment and put it into service before the new year could qualify for tax deductions up to 100 percent of the purchase price. That savings includes new vehicles.
Qualifying Vehicles
Three categories of vehicles qualify for Section 179 tax savings in Socorro. The first is commercial vehicles with a GVWR over 6,000 pounds. The second is consumer vehicles with a GVWR of over 6,000 pounds. The third is vehicles with a GVWR under 6,000 pounds.
Up to 100 Percent in Deductions
Commercial vehicles in Albuquerque with a GVWR over 6,000 pounds are eligible for up to 100 percent of the purchase price as a deduction. This would include Ram 2500 and Ram 3500 trucks and long-bed Ram 1500 trucks. Ram ProMaster cargo vans and passenger vans have seating for ten or more. Chassis cabs and cutaway vans are also included.
Up to $30,500 in Deductions
Besides the initial $30,500 deduction, this category is also eligible for up to 60 percent of the remaining value and a standard depreciation deduction. Vehicles in this category are also commonly found as consumer vehicles in Belen, such as the short-bed Ram 1500, Jeep Grand Wagoneer, and Dodge Durango. Vans with seating for less than ten are also included.
Vehicles eligible for up to $20,400 in Deductions
These are vehicles with a GVWR under 6,000 pounds. There are a lot of variables about which vehicles in Isleta could be eligible, so it is best to consult with your tax advisor before making a purchase.
Visit Melloy Chrysler Jeep Dodge Ram
Melloy Chrysler Jeep Dodge Ram has the inventory businesses in Edgewood seek. Our staff can help you find the right vehicle and help your business get that vehicle into use before the new year, a key component of Section 179 deductions. Contact Melloy Chrysler Jeep Dodge Ram to schedule a test drive of your Rio Rancho business's next vehicle.