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Section 168 Tax Deductions

Tax Benefits

Tax Deductions That Work for You


If you’re a business owner or self-employed, you may be eligible to take advantage of significant tax deductions for qualifying equipment. Section 168(k) of the IRS tax code allows taxpayers to expense up to 80% of the cost of qualified assets they place in service in 2023.

Section 168(k) Temporary 80% Deduction

A Ram commercial truck or van is generally considered qualified property for purposes of section 168(k) for U.S. federal income tax purposes.

What does this mean for you?
You may choose to treat the cost of qualified property as an expense allowed as a deduction for the taxable year in which the property is acquired and placed in service in 2023. Consult your tax professional to determine your vehicle depreciation and tax benefits.
Taxpayers may be entitled to U.S. federal income tax deductions and/or credits for purchases of vehicles that are placed in service in a trade or business during 2023. Determining the proper income tax treatment of any vehicle purchase requires careful consideration of several factors including, but not limited to, the applicable tax laws, regulations and guidelines, the characteristics and attributes of the particular vehicle purchased and the purchaser's income tax situation. Each purchaser's tax situation is unique and the available tax benefits and the applicable federal tax laws, regulations and guidelines are subject to change without notice. Therefore, customers must consult their tax advisor to determine the proper tax treatment of any vehicle purchase(s). For more information, visit www.irs.gov. This advertisement is for informational purposes only and should not be construed as tax advice or as a promise of availability or amount of any potential tax benefit or reduced tax liability.