The IRS Section 179 tax code has new guidelines that any business owners will want to take advantage of. Small businesses that have invested in new equipment can now write off up to $1,000,000 of these purchases on their 2019 IRS tax returns. Yes, you read that right. Instead of spreading out the deduction over several years, you may be able to write off the entire purchase of your new Ford truck or van.

What Are The Qualifications?

Of course, with any tax write off, there has to be a set of guidelines.

  • The vehicle must have been purchased and placed into service between January 1, 2019 and December 31, 2019.
  • 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 2019 tax year.
  • You must purchase a truck or SUV that's used for business.

What Type Of Ford Vehicles Apply?

Trucks and cargo vans that are over 6,000-pounds GVWR are eligible for up to 100-percent of the purchase cost in the first year. This includes such vehicles as the Ford F-150, Ford F-250, and Ford F-350 Super Duty Transit Van.

Passenger trucks/vans and SUVs that are over 6,000-pounds GVWR are eligible for up to $25,000 of the purchase cost in the first year. This includes vehicles like the Ford Expedition, Ford F-150 SuperCrew, and Ford Transit Wagon.

Trucks and cargo vans that are under 6,000-pounds GVWR are eligible for up to $11,560 in the first year. This includes vehicles such as the Ford Transit Connect Van and Ford Transit Connect Wagon.

Passenger Automobiles that are under 6,000-pounds GVWR are eligible for up to $11,160 in the first year. This includes vehicles like the Ford Edge, Flex, Escape, Explorer, Focus, Fusion, Fiesta, and Taurus.

Contact Empire Ford Of New Bedford To Learn More

If you have questions about the new IRS Section 179 tax code, feel free to contact our Empire Ford dealership. We'd love to help any of our New Bedford, Dartmouth, Acushnet, and Fairhaven MA drivers save money on their 2019 tax return!

Categories: Finance, New Inventory