Can you save money with year-end tax savings from purchasing a new Ford vehicle? Yes! Small businesses who have invested in new equipment will want to take advantage of the new IRS Section 179 tax code. You can now write off up to $1,000,000 of these purchases on your IRS tax returns. Before, businesses would have to spread out the deduction over several years, but now, with the new IRS Section 179 tax code, you may be able to write off the entire purchase of your new Ford truck, SUV, or van.

What Qualifications Does The IRS Section 179 Tax Code Have?

As with any tax code, there are many different qualifications. These include:

  • The Ford vehicle must have been purchased and placed into service between January 1 and December 31 of the previous year.
  • The vehicle must be used at least 50-percent for business in the first year it's in service.
  • Your business must purchase or finance less than $2.5 million in business equipment during the previous tax year.
  • You must purchase a truck, SUV, or van that's used for business.

What Type Of Ford Vehicles Apply?

There are many Ford vehicles that will most likely apply for the IRS Section 179 tax code. These include:

  • Ford Expedition two-wheel and four-wheel drive
  • Ford Explorer two-wheel and four-wheel drive
  • Ford F-150 two-wheel and four-wheel drive
  • Ford F-250
  • Ford F-350
  • Ford F-450
  • Ford Flex all-wheel drive

Contact Empire Ford Of New Bedford To Learn More

Do you have questions about how you can save money on your taxes with a new Ford? Our team at Empire Ford would be happy to help. Contact us or take the short drive from Fairhaven MA, Acushnet, Dartmouth, or beyond to our West Caldwell dealership.

Categories: Finance, New Inventory