Ford Section 179 Tax Deduction
Are you a local small business owner looking to take your daily operations to the next level? There's no better way to do so than by enlisting a Ford truck or SUV in your fleet of vehicles! Not only do Ford vehicles offer top-tier capabilities and dependable performance, but they also qualify for enticing Section 179 tax deductions that can help you save big.
So, stop by our Ford dealership near Dodge City before December 31, 2023, to purchase your vehicle and put it into service before the end of the year so you can be eligible for the Section 179 deduction.
What Is Section 179?
The IRS has an established tax code known as Section 179, which aims to promote the expansion of small- to mid-sized businesses. You could potentially deduct up to 100% of the purchase price when you utilize this deduction to buy a new Ford commercial van or truck. However, to be eligible, the vehicle must be purchased and operational by December 31, 2023.
2023 Section 179 Tax Deduction Limits
The Section 179 tax deduction has the following limits for 2023:
- 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 Qualify for the Section 179 Tax Deduction?
Many new Ford vehicles for sale in Larned qualify for the Section 179 tax deduction. They 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
If you have any further questions about the Ford vehicles that qualify for Section 179 or you'd like to schedule a test-drive, don't hesitate to contact Morris Smith Ford of Larned. We're here to help you save on the new Ford truck or SUV that's perfect for your business needs, so reach out today to learn all about the Section 179 tax deduction. We can't wait to help you get the keys to a new Ford F-250 or used F-150 truck that can power up all your time spent on the worksite!
1 Information accurate at time of publishing. For more details, please visit www.section179.org.