Attention Business OwnersDo You Know About Section 179?
Looking to elevate your business performance while reducing expenses? At Ford of Columbia, we advise you to consider the benefits that Section 179 tax deductions offer. This favorable IRS tax provision enables you to deduct the full cost of qualifying vehicles up to a specific limit.1
To qualify for Section 179 in 2023, ensure that your selected vehicle is purchased and operational by the end of the year. Stop by at our Ford dealership in Columbia to understand this federal tax incentive better and choose from our quality new or used commercial trucks or vans that can enhance your business productivity.
2023 Section 179 Deduction Limits
The Section 179 tax code caters predominantly to small and medium-sized businesses, and can result in specific expenditure limits. These caps can impact a company's total eligible deduction.
These are the established boundaries for Section 179 in 2023:
- 2023 Deduction Limit: $1,160,000 -- applicable to new and used equipment (must be new to the buyer).
- 2023 Bonus Depreciation: 80% -- valid for new and used equipment.
- Passenger vehicles (such as pickups or heavy SUVs) weighing more than 6,000 but less than 14,000 pounds can achieve a maximum first-year deduction of up to $28,900 in 2023.
Which Ford Vehicles Qualify for Section 179 at Ford of Columbia?
A number of new Ford vehicles and certain used models that are eligible for Section 179 can benefit from this tax incentive. While the vehicle itself can be pre-owned, it must be new to your ownership. Ford models that comply with the terms for complete or partial Section 179 tax deduction include:
- Ford Expedition
- Ford Expedition MAX
- Ford F-250
- Ford F-350
- Ford F-450
- Ford F-550 S
- Ford Transit Cargo Van
- Ford Transit Passenger Wagon
Commercial Ford Vehicles for Sale in Columbia, TN
Interested in learning how you could save on your next Ford truck or van purchase? Contact Ford of Columbia to speak with our expert financing team and discover more about this remarkable tax incentive. Start enjoying the benefits of the Section 179 tax deduction now!
1 Information is accurate as of the publishing date. Refer to https://www.section179.org for the most recent details.