Jeep Tax Incentives for your Business

Jeep offers up to 100% of the total purchase price deduction per vehicle. All Jeep Grand Cherokee, Grand Cherokee L, and Grand Cherokee 4xe are eligible for the first-year depreciation limits. For the Gladiator, all trim levels that are equipped with the available Max Tow Package, all models with the 3.0-liter EcoDiesel V6 engine, and the Rubicon and Mojave trims are eligible for the depreciation limits. Lastly, Wrangler Rubicon models equipped with the EcoDiesel engine and all Wrangler 4xe models are eligible.

Section 168k allows for an additional first-year depreciation deduction that is equal to the percentage of the adjusted basis of qualified property that is put to use in the tax year. Select Jeep models are generally considered as qualified property for the purposes of section 168k for income tax purposes. This means that you, the taxpayer, can opt to treat the cost of any qualified property, including your Jeep vehicle, as an expense allowed as a deduction for the tax year that you purchased the vehicle and put it to use. To determine the tax benefits and depreciation of the vehicle, you should consult your tax advisor.

The section 179 deduction applies to tangible personal property that is purchased for business use. If you use a Jeep vehicle for your business, it is usually considered as Section 179 property for federal income tax purposes. This allows you to choose to treat the cost of Section 179 property as a business expense and take it as a deduction for the tax year that it is bought and pleased in service. Section 179 allows qualified businesses to expense up to $1,080,000 of section 179 property.

Jeep Brand vehicles are eligible for some excellent tax benefits when you use them for your business. If you're looking for a new Jeep to keep your business moving and take advantage of the section 168k and section 179 tax benefits, then be sure to check out East Hills Chrysler Jeep Dodge Ram! Here, you can find a wide array of new Jeep Gladiator, Grand Cherokee, Grand Cherokee L, Wrangler, and more! If you'd like to learn more about tax benefits, our knowledgeable sales team can answer any questions you may have. Shop online or in-store to find the perfect Jeep for your business. We look forward to working with you!