What Is Section 179?
What Is Section 179?
Under Section 179 of the IRS tax code, there is a break for business owners. Section 179 of the IRS tax code allows businesses to deduct all or part of the cost of your vehicle in the first year you use it for business, so long as it qualifies for the Section 179 deduction.
As the IRS changes its code, you should always check with your tax advisor to get the full benefits of Section 179. The basic understanding is that "Section 179 of the tax code allows business taxpayers to deduct the cost of a specific property as an expense when it is first placed in service." That property would be a vehicle.
How does Section 179 deduction work?
Both new and used Ford models purchased or leased in any given tax year can qualify for the Section 179 tax deduction so long as they're put into service by the end of the day on December 31st of the applicable year. This advantage allows you to claim up to the entire purchase cost of the vehicle as a tax deduction. The amount you can write off depends on how much the vehicle is used for business purposes.
Local business owners not only gain access to a range of top-performing vehicles but also can take full advantage of the Section 179 deduction to lower taxable income and reinvest in their operations. With a vast inventory of new and used vehicles and any of those vehicles over 6,000 gross vehicle weight rating but no more than 14,000 lbs is eligible, which includes the models that may qualify, but not limited to the Ford F150, some Super Duty trucks, Expedition SUV, and Transit vans.
