Section 179 Tax Deduction
Attention Business Owners – A New Truck or SUV might be a great way to invest in your business and save on your taxes!
Section 179 Tax Deduction of the IRS tax code may allow your business to deduct, for the current tax year, the full purchase price of qualifying equipment or vehicles purchased or financed during the tax year. Whether you buy or lease an eligible new or used car, truck, SUV or van for your business, you can take advantage of the savings at Dorian Ford and the incentives from the government to grow your business.
To qualify for the deduction for tax year 2022, your Ford vehicle must be purchased, financed, or leased and put into service between January 1, 2022 through December 31, 2022. In order for your Ford vehicle to qualify, it must be used at least 50% for business, based on mileage, in the first year it is placed in service. Therefore, if you choose to use it for both personal and business use, the cost eligible for the deduction would be the percentage used for business.
As always, check with your tax advisor to see to see how section 179 of the Tax Code may allow you to get the maximum available tax benefits in 2022 for the purchase of a new or used vehicle for your business or for business use.
| Tax Treatment: | Applies
To: |
Eligible Vehicles: |
|---|---|---|
| Up to 100% of the purchase cost in the first year* | Trucks and Cargo Vans over 6,000 lbs. GVWR |
F-150 (6.5-ft. or 8-ft.bed) and F-250/F-350 Super Duty Transit Van |
| Up to $25,000 of the purchase cost in the first year* | Passenger Trucks/Vans and SUVs over 6,000 lbs. GVWR |
Expedition and F-150 SuperCrew (5.5-ft. or 6.5-ft. bed) and Transit Wagon |
| Up to $11,560 in the first year* | Trucks and Cargo Vans under 6,000 lbs. GVWR |
Transit Connect Van and Transit Connect Wagon |
| Up to $11,160 in the first year* | Passenger Automobiles under 6,000 lbs. GVWR |
Edge, Flex, Escape, Focus, Explorer, Fusion, Fiesta, and Taurus |
For basic guidelines on what property is covered under the Section 179 tax code, please refer to your tax professional. If you are looking for a new or used Ford car, truck, or SUV that qualifies for the section 179 deduction, reach out to our Dorian Ford sales professionals by calling (586)792-4100 or check out our inventory in person or online.
