Ford Section 179 Tax DeductionNear Bel Air South, MD
Are you looking to expand your business fleet and take your operations to the next level? Turn to Plaza Ford. We have a wide selection of commercial Ford trucks and vans as well as traditional passenger vehicles that can be put to business use. And, best of all, many of these vehicles are eligible for the Section 179 tax deduction!
What's Section 179? It's a tax code that was created by the IRS as a way of helping small businesses invest in themselves. Section 179 allows companies to write off the costs of qualifying vehicles, so long as they are used for business purposes at least 50% of the time. In order to claim this exciting vehicle tax deduction, you must purchase your vehicles and put them into service by December 31, 20241 -- so hurry into our Ford dealership near Bel Air South and get the process started!
What Ford Models Are Eligible for Section 179 Tax Savings?
Both new and used Ford vehicles may be eligible for the Section 179 tax deduction -- what matters most is that the vehicle is new to you. Work-centric, "single-use" vehicles that are typically only used for business purposes may be eligible for a 100% deduction.1
Meanwhile, traditional passenger vehicles that are used for business at least 50% of the time are eligible for partial deductions depending on their type and usage. These vehicles include pickup trucks and SUVs between 6,000 to 14,000 pounds, with a max deduction of $30,500 for heavy SUVs.1 Additional passenger vehicles may qualify -- be sure to discuss vehicle eligibility with our team.
The following Ford vehicles are eligible for partial or full Section 179 deductions:1
- Ford F-150
- Ford Super Duty®
- Ford Transit Cargo Van
- Ford Transit Passenger Wagon
- Ford Expedition
- Ford Expedition MAX
- Additional trucks & SUVs
These are just a few of the Ford models that are eligible for the Section 179 tax deduction. To learn which Ford passenger vehicles qualify for this IRS tax code, contact Plaza Ford.
What Are the Section 179 Tax Deduction Limits for 2024?
Businesses can write off up to $1,220,000 for the 2024 tax year with a spending cap of $3,050,000. After a business has surpassed this amount, the Section 179 deduction will decrease. So, this automotive tax code is best used by small- and medium-sized businesses. Bonus Depreciation for 2024 is 60%. If you have any questions about the Section 179 limits and amounts, be sure to reach out to a tax expert or the Plaza Ford finance team.
Commercial Ford Sales Near Me
Browse our new Ford commercial inventory online, then head to our Maryland Ford dealer to find out how you can expand your Ford fleet and write off the costs. Our Ford sales team will be happy to answer any questions and take you through all the details. Buy a new Ford F-150 or Super Duty® truck near Bel Air South today!
1 Information accurate as of publishing date. Please consult https://www.section179.org for the most up-to-date details.