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Making smart investments is crucial for your business, especially with your equipment. Having reliable tools allows you to provide quality service that customers appreciate, translating to more sales. And one of the pieces of equipment many businesses need is a truck.

Trucks come in many forms, shapes, and sizes, but the main thing that they do is haul cargo from one place to another. It is an integral part of services across the country. If you are in the landscaping business, for example, you need a truck to bring the supplies you need to your client.

You want to get the most out of your investment. That means purchasing a truck with the most value for your money. Fortunately, there are different ways how you can get tax incentives when purchasing a truck for business in Ohio.

How to get Tax Incentives when Buying a Truck

Tax laws can get confusing. Spending time and effort learning about it is not the most practical use of your time. Fortunately, our friendly and knowledgeable staff at Paul Sherry Chrysler Dodge Jeep RAM dealership are here to assist you.

We have a qualified team of professionals to help you make the right choice for your business. Let us know what you need and your situation. Afterward, we can start a conversation to understand how to approach your requirements.

The Types of Tax Incentives in Ohio

Now it is a matter of finding which tax incentives you can apply. Our team will get the ball rolling and help you along the way.

One of the tax incentives you can use for a business vehicle is the Section 179 deduction. That is a special type of incentive allowing business owners to reduce a large portion of their vehicle cost if this is used primarily for work.

The primary requirement is that the vehicle was purchased and put into service in the same year you are applying for a Section 179 deduction. Putting into service means the asset is available for use specifically for business purposes to produce income.

Other requirements for Section 179 deduction include the following:

• The company buys the vehicle and declares it for business purposes.
• It is an eligible property.

The definition of business purposes means the truck is used to produce income or in service of the company more than 50% of the time.

Restrictions of Section 179 deductions are:

• The vehicle cannot be used to transport people or property for hire.
• The tax deductions cannot be more than the cost of the truck.
• The deductions cannot be more than the business’s annual net income.

You can consider the trade-in tax incentive, too. If the business currently owns a vehicle, you can trade it in when purchasing a new truck to decrease the overall tax you need to pay. That is because there is less charge for tax on the trade-in.

Visit the Paul Sherry Dealership

Is your business in need of a new truck? Do take the time to visit our car dealership located at 8645 N Country Rd. We have a wide selection of trucks to choose from. Whatever your business requirements are, you can find a suitable vehicle on our lot. You also have the option to build a custom order so you can get a truck with the exact specifications you want.

Not only that, but our team is ready to assist you in getting the best deal and tax incentives based on your situation. Talk to our team, and we will guide you through the entire process.

You can contact us at 937-778-0830 or send an email to [email protected] today.