Ford Section 179 Tax Deduction near Carbondale, IL

Ford Section 179 Tax Deduction

Here at Ford Square of Mount Vernon, we like to do our part to help small- and medium-sized businesses prosper, which is why our team are experts when it comes to Section 179. The Section 179 tax deduction is designed by the U.S. government to help local businesses grow, allowing them to deduct up to 100% off the purchase of a new or used Ford.1 If you're interested in learning more about the Section 179 tax code, chat with the team at our Ford dealership near Carbondale. We'll show you how to navigate the process and expand your fleet. Remember that the vehicle must be put into service by December 31, 2022, to qualify for Section 179, so don't wait to speak with our local Ford dealer!

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2022 Section 179 Tax Deduction Limits

The 2022 Section 179 tax deduction limits are as follows:

• 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.

You can claim up to 100% of the purchase price of a qualifying new Ford vehicle, or a partial deduction on certain passenger vehicles that are used for business purposes at least 50% of the time.¹ If you're shopping on a budget, you'll be happy to hear that used Ford vehicles may qualify for Section 179 -- the vehicle just needs to be new to you. The Section 179 deductions for passenger vehicles are as follows:

• 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