Norristown CDJR

Year End Tax Incentives Available At Norristown Chrysler Dodge Jeep Ram

The Internal Revenue Service has recently updated the Section 179 tax code for American businesses. This part of the IRS tax code gives businesses the option to deduct the full purchase prices of qualifying equipment, as well as software that was bought or financed during the fiscal year up to a sum of $1,000,000.* If you buy or lease equipment pieces, you then can deduct the entire purchase from your total income. The Section 179 incentive was designed by the U.S. government to encourage the growth of small businesses when they buy equipment and invest in their own brand. Almost every type of business equipment that your company purchases can qualify for this tax break.

In the case of trucks, vans or passenger vehicles that are used more than 50% in qualifying business manners, the total deduction for depreciation, including the Section 179 deduction plus Bonus Depreciation, is different depending on the vehicle. Several vehicles are able to qualify for expenses that total $25,000, if the vehicle has funding, is used for work purposes before December 31 and meets other conditions. Section 179 for 2019 will expire at midnight 12/31/2019. If you want to take advantage of the higher deduction limits, you can subtract the price of your work equipment from 2019’s taxes. The vehicle has to be bought and placed into service by that cut-off date. 

*Please see your local tax expert for details. 


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