Thinking of expanding your business fleet while maximizing tax savings? Visit our Ford dealership near Chippewa Falls, which offers a wide range of new and pre-owned Ford trucks, cargo vans and commercial vehicles that may qualify for the 2024 Section 179 tax deduction.
Haven't heard about this bit of tax code? It's a way to buy Ford commercial vehicles while potentially lowering your tax bill and maximizing your deductions. Thanks to Section 179, businesses can deduct up to 100% of the purchase price of eligible vehicles, freeing up funds to reinvest in their operations.
What Is the Section 179 Tax Deduction?
Section 179 is an IRS tax code designed to aid small businesses by allowing them to deduct the cost of qualifying equipment used over 50% of the time for business. This deduction reduces taxable income by allowing you to deduct an asset's full purchase price in the year of purchase.
To qualify for the 2024 tax year, vehicles must be purchased and put into service by December 31, 2024. Take advantage of this tax-saving opportunity by visiting Eau Claire Ford today!
Which Ford Vehicles Qualify for Section 179 in 2024?
A range of new Ford models and used vehicles qualify for the Section 179 deduction. Whether you need a reliable pickup truck, spacious cargo van or versatile Ford SUV, we offer options that meet Section 179 criteria.
Vehicles exceeding a 6,000-pound gross vehicle weight rating (GVWR) may qualify for full deductions, while other models may offer partial deductions based on weight and usage.
Eligible Ford models can include:
- Ford F-150
- Ford Super Duty®
- Ford Transit Cargo Van
- Ford Transit Passenger Wagon
- Ford Expedition
- Ford Explorer
Each of these models delivers exceptional reliability and performance, ideal for any business fleet. Visit us now to learn more about which new Ford models qualify under the Section 179 tax code.
2024 Section 179 Tax Deduction Limits & Benefits
In 2024, businesses can write off up to $1,220,000 through the Section 179 deduction, with a spending cap of $3,050,000.1 Beyond this threshold, a dollar-for-dollar phaseout begins -- a built-in mechanism to ensure that this deduction benefits small- to medium-sized businesses rather than large, deep-pocketed corporations.
Whether you're upgrading your fleet or buying your first new commercial Ford truck near Chippewa Falls, Eau Claire Ford can guide you through the Section 179 process to ensure maximum tax savings. Of course, always consult a tax professional to fully utilize the available deductions.
Shop Commercial Ford Vehicles in Wisconsin Today
Business owners in Chippewa Falls or elsewhere in Wisconsin can visit Eau Claire Ford to explore commercial vehicles and learn how the Section 179 tax deduction can make it easy to buy a Super Duty® or Transit for less. Whatever commercial Ford van or truck you're interested in, we have the right vehicle for your business needs.
Read More:Ford Truck Inventory | Ford Van Inventory | New Ford Specials
1Information is accurate as of the publishing date. Please consult a tax expert or visit Section179.org for the latest details.