Ford Section 179 Tax Deductionnear Bloomington, IL
If you're a business looking to expand your commercial truck fleet, contact Jim Xamis Ford. Our team can not only help you browse our inventory of new Ford commercial trucks, but also explain the Section 179 tax deduction -- an exciting savings opportunity for businesses interested in a tax-advantageous growth strategy. Haven't heard of the IRS Section 179 tax program? If not, here's a primer: Section 179 was created to help smaller businesses invest in their success by offering tax deductions for qualifying vehicle purchases. This program has enabled countless small businesses to expand their operations and upgrade their fleets more affordably. Learn more about this tax savings program when you visit our Ford dealer near Bloomington today.
Eligible Ford Vehicles for Section 179
Numerous new Ford trucks, SUVs and work vans qualify for Section 179 tax savings. We've helped countless local businesses buy a new Ford Transit or Super Duty® near Bloomington, as these vehicles are the heavy-duty workhorses that successful operations are looking for. That said, some businesses prefer a light-duty option, such as a new F-150, Expedition or Transit Connect. Whatever qualifying model you purchase, be sure to put it into service by the end of the day on December 31, 2022 and use it for business at least 50% of the time. Here's a partial list of Ford trucks, SUVs and vans that qualify for some amount of the Section 179 deduction:
- Ford F-150
- Ford Super Duty®
- Ford Explorer
- Ford Expedition
- Ford Transit
- Ford Transit Connect
2022 Section 179 Limits and Restrictions
You'll want to keep in mind that there are rules governing how Section 179 deductions can be taken. Aside from the in-service date and usage requirements, keep in mind that there are certain deduction limits for aggregate purchases made during the taxable year. If you've been busy significantly upgrading your fleet, keep the following figures in mind:
- 2022 Deduction Limit: $1,080,0001 -- valid on new and used equipment (must be new to the buyer).
- 2022 Spending Cap: $2,700,0001 -- the max amount that can be spent on equipment before the Section 179 tax deduction begins to reduce on a dollar-for-dollar basis.
- 2022 Bonus Depreciation: 100%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment.
Not every vehicle type affords the same deduction amount. Be sure to determine which of the following three categories your vehicle falls into prior to factoring any dollar amounts into your Section 179 deduction calculations.
- Cars: $11,160 (including Bonus Depreciation)1
- Trucks & Vans: $11,560 (including Bonus Depreciation)1
- Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1
If you still have questions about how to claim the Section 179 deduction, please contact Jim Xamis Ford. We can share how to go about buying a new Ford SUV or used truck near Bloomington and whether the vehicle you're considering is allowable under Section 179 rules. We look forward to helping your business grow with a new Ford truck!
1 Information accurate at date of publishing. Refer to https://www.section179.org for most up-to-date specifications.