Are you planning to upgrade your business fleet and enhance your operational efficiency? Look no further than Sam Galloway Ford. We offer an extensive array of new commercial Ford trucks and vans, as well as traditional passenger vehicles that can be utilized for business purposes. The best part? Many of these vehicles qualify for the Section 179 tax deduction!
What is Section 179? An IRS tax code designed to support small businesses. It does this by permitting eligible taxpaying entities to write off the costs associated with qualifying vehicles, provided they are used for business purposes at least 50% of the time. To take advantage of this beneficial vehicle tax deduction for the current year, you need to purchase and put these vehicles into service by December 31, 2024. Visit our Ford dealership near Lehigh Acres today and get started!
Which Ford Models Qualify for Section 179 Tax Savings?
Both new Ford vehicles and pre-owned models may qualify for the Section 179 tax deduction -- the key factor is that the vehicle is new to you. Vehicles intended for specific work purposes and typically used solely for business may be eligible for a full 100% deduction.
Traditional passenger vehicles used at least half of the time for business purposes, such as pickup trucks and SUVs between 6,000 to 14,000 pounds, qualify for partial deductions, which are calculated based on their body style and usage. Note that a maximum deduction of $30,500 is imposed on heavy SUVs.1
Additional passenger vehicles may also qualify; please consult our team to determine vehicle eligibility.
Eligible Ford models include:
- Ford F-150
- Ford Super Duty®
- Ford Transit Cargo Van
- Ford Transit Passenger Wagon
- Ford Expedition
- Ford Expedition MAX
- Other Trucks & SUVs
This is just a snapshot of the Ford models eligible under Section 179. For detailed information on which Ford passenger vehicles qualify under this IRS tax code, contact Sam Galloway Ford.
What Are the Section 179 Tax Deduction Limits for 2024?
For the 2024 tax year, businesses can write off up to $1,220,000 with a spending cap of $3,050,000.1 Once a business exceeds this amount, the total annual Section 179 deduction limit begins to decrease. This spending limitation helps ensure small- to medium-sized businesses are the biggest beneficiaries of available Section 179 tax benefits. If you have any additional questions about Section 179 limits and amounts, feel free to consult with a tax expert or the Sam Galloway Ford finance team.
Commercial Ford Sales Near Me
Explore our range of new Ford commercial vehicles online, then visit our Florida dealership to learn how we can help you expand your fleet while taking advantage of tax savings. Our knowledgeable sales team will happily address any questions and guide you through all the details. Purchase a new Ford F-150 or Super Duty® truck near Lehigh Acres today at Sam Galloway Ford!
Learn More: Ford Financing FAQs
1 Information accurate as of the publishing date. Please consult Section179.org for the most up-to-date details.