Ford Section 179 Tax Deduction
Are you a small-business owner looking to add a reliable Ford truck or van to your fleet? With the Section 179 Tax Deduction, you can buy a new commercial Ford model and claim it on your taxes! Section 179 tax breaks were written into the IRS tax code to provide small business owners with more incentive to invest in their own companies. A new Ford van or truck can help you take on daily business tasks with ease, as well as provide you with the comfort, safety and versatility you seek. To take advantage of this commercial tax deduction, you have to buy an eligible Ford and put it into service by December 31, 2023. Visit our Ford dealership in Cincinnati, OH, to explore your Ford fleet options today!
Which New Ford Models Qualify for the Section 179 Deduction?
Many single-use new Ford commercial models and passenger vehicles qualify for either full or partial tax deductions. Eligible models include:Â
• Ford Expedition
• Ford Expedition MAX
• Ford F-250Â
• Ford F-350
• Ford F-450
• Ford F-550 S
• Ford Transit Cargo VanÂ
• Ford Transit Passenger WagonÂ
What Are the Section 179 Tax Deduction Limits?
The Section 179 tax deduction is designed to help small- or medium-sized businesses enhance their operations by saving on business-use vehicles. These models have tax deduction limits based on certain criteria such as weight and design. For 2023, the deduction limits are as follows:Â Â
• 2023 Deduction Limit: $1,160,000 -- applies 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 between 6,000 and 14,000 pounds can achieve a maximum first-year deduction of up to $28,900 in 2023.*
*Â Information accurate at the time of publishing. Refer to https://www.section179.org for the most current specifics.
