Does Your Business Vehicle Qualify For Section 179?
Are you on the lookout for ways to minimize business costs while expanding or upgrading your vehicle fleet? We invite you to consider the Section 179 tax deduction. This IRS tax code is designed to aid small- and medium-sized businesses by allowing them to deduct up to 100% of the costs of vehicles bought for company use.1
To claim Section 179 tax savings for the current year, your vehicle must be purchased and put into service by end of day on December 31, 2023. For more details, visit our Ford dealership near North Charleston and consult with our team. We'll assist you in finding a new or new-to-you Ford commercial truck or cargo van that will boost your professional operations.
What Are the Section 179 Tax Deduction Limits for 2023?
The Section 179 tax code is primarily aimed at benefiting small and medium businesses. Therefore, there are some spending restrictions that influence the total amount a company can deduct.
For 2023, the Section 179 limits are:
- 2023 Deduction Limit: $1,160,000 -- applicable to new and used equipment (must be new to the buyer).
- 2023 Bonus Depreciation: 80% -- valid for new and used equipment.
- Passenger vehicles (such as pickups or heavy SUVs) weighing more than 6,000 but less than 14,000 pounds can achieve a maximum first-year deduction of up to $28,900 in 2023.
Which Ford Vehicles Are Eligible for Section 179?
There are numerous new Ford vehicles that may qualify for Section 179 deductions. Many used vehicles also qualify, provided they meet the Section 179 vehicle eligibility guidelines. It's important that the vehicle is new to you, whether or not it's straight off the assembly line. Ford models that qualify for full or partial Section 179 tax savings include:
- Ford Expedition
- Ford Expedition MAX
- Ford F-250
- Ford F-350
- Ford F-450
- Ford F-550 S
- Ford Transit Cargo Van
- Ford Transit Passenger Wagon
Ford Commercial Sales Near North Charleston, SC
Want to learn more about how you can deduct the costs of your next Ford work truck or cargo van? Visit our Moncks Corner Ford dealer to converse with our auto financing team and learn more about how your business can benefit from this tax incentive. Take advantage of Section 179 tax savings today!
1Information accurate at the date of publishing. Refer to https://www.section179.org for the most up-to-date specifics.