If you're a business owner seeking to enhance your fleet and decrease tax liabilities, the Section 179 tax deduction presents a valuable opportunity. At our Ford dealership near Boston, we feature a wide variety of new Ford models that fit well with this tax incentive. Whether your interest leans toward a durable Ford truck or another model suitable for your business needs, we can assist in finding the perfect vehicle to elevate your operations.
Continue reading to understand the details of Section 179, then visit our local Ford dealer to discuss specific details with our finance professionals.
What Is Section 179?
Section 179 is part of the IRS tax code, allowing businesses to immediately deduct up to the complete purchase cost of qualifying equipment and vehicles within the current tax year. Instead of depreciating over time, your business can claim the entire asset cost right away, effectively lowering your taxable income.
Both new Ford models and pre-owned vehicles are eligible under Section 179 -- as long as they are "new" to you. Vehicles primarily used for work may qualify for full deductions, while those also used personally could still receive partial deductions if used at least half the time for business.1
What Are the 2024 Section 179 Deduction Limits?
In the 2024 tax year, businesses can deduct up to $1,220,000 through Section 179, with an expenditure limit set at $3,050,000.1 This makes it particularly beneficial for small and medium-sized enterprises aiming to optimize financial management. Remember that qualifying vehicles must be purchased and in service by December 31, 2024.1
What Ford Vehicles Are Eligible for Section 179?
At Herb Chambers Ford of Braintree, we have an extensive selection of new and used Ford vehicles eligible for full or partial Section 179 deductions. Popular options in our inventory include:1
Buy a Commercial Vehicle in Massachusetts
Ready to take advantage of Section 179? Contact Herb Chambers Ford of Braintree to review our commercial vehicle offerings and discover how this deduction can benefit your business. Our knowledgeable staff is eager to help you find the right vehicle for streamlining your operations.
Learn More:New Ford Specials | Why Buy from Us?
1 Information accurate as of publishing date. Please consult https://www.section179.org for the most up-to-date details.
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