Tax deductions for large purchases, such as company vehicles, may be substantially decreased after 2013.
Qualifying vehicles include all RAM 1500, 2500 and 3500 trucks; RAM cab/chassis trucks; Ram Cargo Van; ProMaster Van; and the Dodge Durango and Grand Caravan. See the potential depreciation schedule at MelloyDodge.com/Commercial for more information.
For example, the maximum first-year depreciation deduction for a new $65,000 heavy SUV placed in service during 2013, and used 100% for business, would generally be $49,000. After 2013, the maximum first-year depreciation deduction for a new $65,000 company vehicle placed in service after 2013 and used 100% for business purposes will only be $11,160 (or $11,360 for a light truck or van).
Unless Congress decides to change this, bonus depreciation won't be available after 2013. There is still a short amount of time left to take advantage of the current depreciation schedule. Contact Melloy Dodge for more information.