Buying a commercial vehicle can be seen as a major expense for any business owner. But buying a commercial truck from Greenville Chrysler means you have the ability to save big on your taxes at the end of the year.
The tax savings are broken down in several different ways. The most basic thing to know is that you can deduct up to the entire purchase price of certain commercial trucks. In addition, business owners can factor in the vehicle’s depreciation as a tax write-off. This leads to incredible savings on year-end taxes while also having a brand new truck for your business.
The benefits go deeper as a commercial truck can be classified as an asset under Section 168(k) of the tax code. Basically, the truck can be expensed and thus written off in most cases. Section 168(k) focuses on extra first-year depreciation values. The same savings apply under Section 179. Filing taxes can be complicated, but a commercial truck can be deducted as an expense in several different areas on the federal tax form.
A whole set of tax benefits are available when buying a new commercial truck here in Greenville. That is why it is important to still consult a tax professional when it is time to file. The Section 168(k) and Section 179 write-offs are the two most notable, but it is always possible more are available based on the type of business. Consulting a professional ensures you receive all the benefits available with the purchase of a brand new commercial vehicle.
Another important thing to remember is that you must keep all your paperwork from your vehicle purchase to ensure the most potential savings at the end of the year. Having all the documentation makes it easier for you and any tax professionals who are consulted.
The lineup of Ram trucks available in Greenville make it clear why business owners continue to purchase our vehicles. The Ram 1500, 2500, and 3500 are all available once again and are customized to fit any cost or need by a business. The Ram ProMaster cargo van is also back as a favorite for more heavy-duty business needs.
The lineup of Ram trucks includes crew cabs, chassis cabs, and even a cargo van. So there is a wide variety available. The first step is figuring out what a business needs. Then comes the purchase and up to tens of thousands of dollars in available tax write-offs at the end of the year.
The first step of buying any vehicle, whether for commercial or personal use, is to get behind the wheel and take a test drive. Call or stop in today to schedule your test drive to find the perfect vehicle for you and your business’s needs. You can take all the time you need looking at our Ram trucks and cargo vans and our staff of experts will answer any question you may have along the way.