Section 179 Ford Work Truck & Van Tax Deductions
Learn how to purchase a commercial Ford truck or work van and get the maximum Section 179 tax deductions for your Houston business in the 2022 year. The deduction for business vehicles is the same whether they are purchased outright, leased, or financed with Section 179 Qualified Financing.
Vehicles must be purchased and placed in service prior to December 31, 2022.
What is the Section 179 Deduction?
The Section 179 deduction is not some mysterious or complicated tax code.
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying Ford trucks and equipment purchased or financed during the tax year. That means that if you buy (or lease) a qualifying Ford truck or van, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy vehicles and invest in themselves.
How Section 179 works
Section 179 allows your business to write off the entire purchase price of qualifying Ford trucks and vans for the current 2022 tax year.
Businesses have used Section 179 to purchase needed Ford vehicles right now, instead of waiting. For most small businesses, the entire cost of qualifying commercial Ford trucks and vans can be written-off on the 2022 tax return (up to $1,080,000).
Section 179 is one of the few government incentives available to small businesses, and has been included in many of the recent Stimulus Acts and Congressional Tax Bills. Although large businesses also benefit from Section 179 or Bonus Depreciation, the original target of this legislation was much needed tax relief for small businesses – and millions of small businesses are actually taking action and getting real benefits.
What Commercial Ford Work Trucks & Vans Vehicles Qualify for the full Section 179 Deduction?
Note that because many vehicles can serve business and personal function both, the rules for business vehicle deductions are always evolving, and can be complicated. It’s easier to list the typical vehicles that will generally qualify for a full section 179 deduction.
Most commercial Ford work trucks and vans will usually always qualify for full Section 179 deduction. This includes the following vehicles: