Ford Section 179 Tax Deduction Near Fresno, CA

Section 179Limits & Regulations

Section 179 is a tax code instituted by the IRS that encourages the growth of small- and medium-sized businesses. By leveraging this deduction when purchasing a new Ford commercial van or truck, you can potentially write off up to 100% of the purchase price. To qualify, the vehicle must be bought and put into service by December 31, 2023. Talk to your accountant to make sure you get the most out of this tax program!

The 2023 Section 179 limits include:

• 2023 Deduction Limit: $1,160,000 -- applicable to both new and used equipment (must be new to the buyer).
• 2023 Bonus Depreciation: 80% -- valid for both 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 2023.¹

Which Ford Vehicles Are Eligible for Section 179 Tax Savings?

Numerous new Ford commercial vehicles and even pre-owned models are eligible for the Section 179 tax deduction, but it's crucial to ensure the vehicle you select satisfies the specific IRS eligibility requirements. It's not only about the acquisition; certain standards must also be met to qualify for this tax benefit.

Firstly, the vehicle must be put into service within the calendar year. This means that it has to be actively used for business purposes and not simply kept in storage. Secondly, it must be used for business activities a minimum of 50% of the time. The type of vehicle can also influence the total deduction amount it's eligible for.