Section 179 Tax Deduction at Bob Moore Ford Oklahoma City
Section 179 Tax Deduction
If you’re a business owner needing a new work vehicle or expanding your fleet through the Section 179 tax deduction, our team at Bob Moore Ford is here to help. Our OKC Ford dealership has a wide selection of pickups and commercial vehicles that qualify for the Section 179 Tax Deduction. We’ll help you with deduction limits, qualifications, and everything else you need to know about Section 179 tax deductions based on the latest IRS requirements. If you think it’s time to invest in your business, visit us at Bob Moore Ford.
What Qualifies a Vehicle for Section 179?
For a vehicle to qualify for the full 100% deduction offered by the IRS, the vehicle must meet the following requirements:
- The deduction amount can not exceed taxable income for that year
- Vehicle must be used for business purposes at least half of the time
- The vehicle purchased must be used in that calendar year
- Vehicle must weigh (GVW) between 6,000-14,000 lbs.
The IRS offers fewer deductions for vehicles that don’t meet the requirements mentioned. Continue reading to learn how much you can deduct with the Ford model you had in mind.
Section 179 Deduction Limits
The IRS allows for different deductions depending on the weight of the purchased vehicle. For Trucks and Cargo, Vans over 6,000 lbs. GVWR (Gross Vehicle Weight Rating), the IRS allows you to deduct 100% of the purchase in the first year of purchase. Passenger Trucks/Vans that meet the IRS weight requirement qualify for a $25,000 deduction in the first year. For vehicles weighing under the required GVWR, the IRS allows you to deduct up to $11,560 in the first year. Continue reading to see more details about what models qualify for this tax incentive.
Vehicles that qualify to deduct up to 100% of the purchase cost in the first year:
- Ford F-150
- F-250/F-350 Super Duty Transit Van
Vehicles that qualify to deduct up to $25,000 purchase cost in the first year:
- Transit Wagon
- F-150 SuperCrew
Vehicles that qualify to deduct up to $11,560 purchase cost in the first year:
- Transit Connect Van
- Transit Connect Wagon
Vehicles that qualify to deduct up to $11,160 purchase cost in the first year:
If you have one of these Ford models in mind, contact our Bob Moore Ford team to learn how to utilize this tax deduction on this purchase. We’ll make sure you’re making the right decision for not only your business but your financial situation as well.