Ford Section 179 Tax Deduction in Denver, CO
At Barbee’s Freeway Ford, our team is here to help you find the right car, truck or SUV for your business. Thanks to the Section 179 tax deduction, it’s easy to save on the vehicle you’d like to buy or lease at our Ford dealership in Denver, CO. The Section 179 tax code was designed by the U.S. government to help businesses invest in themselves. When a business purchases an eligible vehicle, they’ll be able to write off up to the full price of that vehicle so long as it’s put into service by end of day on December 31, 2021. Check out how Ford Section 179 tax savings can help you upgrade to a new, used or Certified Pre-Owned vehicle for your business!
Which Vehicles Are Eligible for Section 179?
Regardless of if you buy a new or used Ford, you can qualify for the Section 179 tax deduction. The important thing is that the vehicle is new to you. Eligible vehicles include a classic cargo van with no seating behind the driver’s seat or a passenger van that can seat nine or more passengers behind the driver. Ford SUVs and trucks can be eligible for the Section 179 tax deduction so long as they’re used for business more than 50% of the time.
Ford models that are eligible for Section 179 tax savings include:
How Does Section 179 Work?
New and pre-owned Ford vehicles purchased during the 2021 tax year are eligible for the Section 179 tax deduction. When you place a vehicle into service by the end of the year, you’ll be able to write off up to the full purchase price of the vehicle. The amount you can deduct will be affected if the vehicle isn’t used for business purposes 100% of the time, so keep this mind before buying or leasing a Ford. If you’d like to learn more with a Section 179 calculator or have other questions, contact Barbee’s Freeway Ford.
The Section 179 deduction limits for 2021 are:
- $11,160 for cars, including Bonus Depreciation
- $11,560 for trucks and vans, including Bonus Depreciation
- Certain SUVs with a gross vehicle weight rating between 6,000 and 14,000 pounds qualify for up to a $25,000 deduction, including Bonus Depreciation