Ram Commercial Tax Incentives Minnesota
Ram Commercial Tax Incentives Minnesota
Find Your Ram at Coon Rapids CDJR!
The Ram brand is best known for its impressive lineup of pickup trucks, and has built its reputation over the years for offering some of the most powerful and reliable trucks on the market! However, Ram’s pickup trucks are only half the story of what this brand has in store. For anyone looking to take their business to the next level, you need to get behind the wheel of one of Ram’s commercial vehicles! There are so many different options to choose from, like the Ram ProMaster, the chassis cab, and everything in-between! When you choose a Ram commercial vehicle, you might be eligible for certain tax incentives here in the state of Minnesota. It’s a win-win! Keep reading down below to learn more about Ram’s commercial vehicles, as well as the available tax incentives you might find!
Section 168(k)
There are two major tax incentives that you can take advantage of when you purchase a Ram commercial vehicle! These incentives will help you notate your Ram truck on your taxes, in order to get great savings on your tax return! The first incentive we’ll be describing is Section 168(k). This section essentially states that your Ram truck may be considered property that can be written as an expense. This type of expense will provide you with the option to write your Ram vehicle off as a deduction, as long as it was purchased and utilized within the correct year. For more information on Section 168(k), be sure to reach out to a qualified tax advisor in your area!
Section 179
The other main tax incentive we’d like to discuss is known as Section 179. This section is very similar to the previous section we described. This section basically says that your Ram truck may be considered a business expense for the applicable tax year. When you notate your Ram commercial vehicle as a business expense under Section 179, you may be eligible for a deduction on your taxable income. Again, it’s important to always double-check these deductions with a tax professional near you!
Which Ram Trucks are Eligible?
If you’re considering purchasing a new Ram vehicle for your business, now’s the time to do so! For the 2022 tax year, you could be eligible for up to 100% of your Ram commercial vehicle’s purchase price deduction. This is known as the 2022 First Year Depreciation Limits. The vehicles that qualify for up to 100% of the total purchase price are the 1500 and 1500 Classic, the 2500, 3500, all three tiers of the Chassis Cab, the ProMaster, the ProMaster Cargo Van, and the Ram 1500 Crew Cab. Alternatively, other models may be eligible for up to $19,200 of the total purchase price. This category includes the Ram Promaster City Wagon. We’ll be able to provide you with more information about your eligibility at the time of purchase!
Visit Coon Rapids CDJR for New Ram Inventory!
Are you interested in finding a new Ram commercial vehicle? The right vehicle can help take your business to the next level by giving you access to added space, utility, and efficiency! Come and visit us here at Coon Rapids Chrysler Dodge Jeep Ram in Minneapolis, Minnesota to check out our selection of new Ram vehicles! You can check out Ram commercial vehicles in person, and request a test drive of your favorite models with a member of our sales team. Not only that, but our friendly and knowledgeable sales associates will be more than happy to answer any questions about which vehicle might be best for you, and how these options can best fit your business. We’ll also walk you through your financing options to help you get the best deal. Come and visit us today at Coon Rapids CDJR!