Ford Section 179 Tax Deduction
near Evansville, IN
Grow your business with confidence from behind the wheel of a new Ford commercial vehicle -- and save money doing so thanks to the Section 179 tax deduction program. This IRS tax program was created with small businesses in mind, and incentivizes their growth through making available a tax deduction tied to the purchase of qualifying business vehicles. So long as you use the vehicle for business at least 50% of the time and put it into service by December 31, 2022, there's a good chance you qualify for some kind of tax savings. Our team is eager to help shoppers take home the perfect new Ford Transit or Super Duty® nearby, so visit our Ford dealer near Evansville to learn more about how your business can save with a Section 179 deduction.
Which Ford Vehicles Are Eligible for Section 179 Savings?
Most new Ford trucks, SUVs and work vans are eligible under the 2022 Section 179 tax rules. These vehicles are more than just transportation for local business owners -- they are the foundation of their livelihoods, which is why so many people trust Ford commercial trucks over other available options. If you're ready to upgrade to a qualifying new Ford near Evansville, keep in mind that the vehicle must be used for business at least 50% of the time and put into service by December 31, 2022. The following list is just a sampling of the Ford vehicles that qualify for Section 179 tax deductions:
- Ford F-150
- Ford Super Duty®
- Ford Explorer
- Ford Expedition
- Ford Transit
- Ford Transit Connect
Section 179 Limits and Restrictions
Section 179 deductions are limited by various rules and exceptions established by the IRS. Aside from the in-service date and usage requirements, the government has also established specific aggregate deduction limits; exceed these limitations and the available tax savings begin to sunset. If you've dramatically expanded your fleet this year, we encourage you to review the following figures:
- 2022 Deduction Limit: $1,080,0001 -- valid on new and used equipment (must be new to the buyer).
- 2022 Spending Cap: $2,700,0001 -- the max amount that can be spent on equipment before the Section 179 Tax Deduction begins to reduce on a dollar-for-dollar basis.
- 2022 Bonus Depreciation: 100%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment.
Passenger Vehicle Section 179 Deductions
Be sure to also keep in mind that different vehicles qualify for different deduction amounts. If you're looking to learn more about the available deduction figures for 2022, take a look at the following breakdown:
- Cars: $11,160 (including Bonus Depreciation)1
- Trucks & Vans: $11,560 (including Bonus Depreciation)1
- Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1
