Ford Section 179 Deduction
If you're a business owner looking to upgrade your fleet while reducing tax burdens, the Section 179 tax deduction offers a smart solution. At Laramie Peak Motors in Wheatland, we showcase a diverse range of new Ford models that can help you make the most of this lucrative tax incentive. Whether you're considering a robust new Ford truck or another vehicle tailored to your business needs, we're here to assist you in selecting the ideal commercial vehicle to enhance your operations.
Read on to learn more about Section 179 benefits, then visit our local Ford dealership to have a consultative discussion with our finance team.
Understanding Section 179
Section 179 is part of the IRS tax code designed to allow businesses to immediately deduct the full purchase price of qualifying equipment and vehicles within the same tax year. Rather than depreciating these assets over time, businesses can claim the total asset cost immediately, thereby reducing taxable income.
Both new and pre-owned Ford vehicles are eligible under Section 179 -- as long as they are "new" to your business. Vehicles utilized mainly for work purposes may qualify for full deductions, while those also used for personal activities could still receive partial deductions if used at least 50% of the time for business purposes.1
What Are the 2024 Section 179 Deduction Limits?
For the 2024 tax year, businesses are eligible to deduct up to $1,220,000 through Section 179 with an expenditure ceiling of $3,050,000.1 This provision is particularly advantageous for small and medium-sized businesses seeking better financial management strategies. Eligible vehicles must be purchased and operational by December 31, 2024.1
Ford Vehicles Eligible for Section 179
At Laramie Peak Motors, we provide an extensive range of new Ford vehicles eligible for full or partial deductions under Section 179. Our inventory includes popular choices such as:
