Tax Savings Section 179 | Lakewood Ford | 888-927-9286

100% Tax deduction for qualifying self-employed and business owners on new Ford vehicles

Section 179 is the current IRS tax code that allows businesses to buy qualifying Ford vehicles and deduct up to the full purchase price (including any amount financed) from gross taxable income if purchased before December 31. If a business purchases a piece of qualifying equipment and products, the business may be able to write off up to the FULL PURCHASE PRICE from gross taxable income this year!


Must finalize purchase by December 31, midnight!

At the end of 2018, there is one big date to keep in mind

if you're self-employed or a small business owner and that's December 31st.

That's the deadline for this year's special tax deduction you can get
if you buy a new :

F-150, F-250, F-350, F450, Super Duty Trucks, Transit, Transit Connect,

Expedition, Explorer, or Flex   


Self-employed persons or businesses who use this special deduction are allowed to write off up to $500,000 worth of depreciable assets in the year that they are purchased.

For businesses that do not qualify for Section 179, there is another great tax break, but it expires in 2019.  Bonus Depreciation allows you to deduct 50% of the cost of assets in the year of purchase. This deduction is allowed even if you do NOT have income and has no max amount.  You can use this for an unlimited number of purchases, but the deduction is only allowed for NEW assets.  For used vehicles, this deduction is not allowed, but Section 179 IS allowed.  The bonus depreciation deduction was at the 50% amount in 2017.  In 2018 it will drop to 40% and in 2019 it will drop to 30%.


Limitations

  • The vehicle must be used at least 50% for business to qualify.
  • Depreciation limits will be reduced for personal use if the vehicle is used for business less than 100% of the time.
  • There are top end deductions for different classes of vehicles. For example, small cars under 6,000 lbs. are capped at $11,060 of depreciation in the first year.*
  • SUVs and crossovers with Gross Weight above 6,000-pounds are capped at $25,000.*
  • Trucks and vans with no rear passenger seating that are above 6,000-pounds do not have a cap.*
  • Every major brand of pickup (1/2 ton and up) are over 6,000-pounds for purposes of this deduction.
  • There is a $500,000 cap.
  • If you purchased more than $2,000,000 in 2017 assets, then this will have the deduction phased out.
  • You have to have positive income and not a net loss for the year. 


If you meet these guidelines 

    •    It's a great idea to move those vehicle purchases you are planning, forward to 2017, to take advantage of last minute tax savings.
    •    You must purchase the vehicle by December 31, 2018 to get the write-off on your 2018 taxes.


As always, check with your tax advisor to see what works best for your situation, but if you are doing some year-end planning, a new car might be the most fun way to save on your taxes.

Take advantage of these tax deductions for your small business when you purchase a New Ford Truck by December 31st!

If you are looking to take advantage of this extension time is running out so consult Lakewood Ford to get the returns your business deserves. Contact Us Today!  

Purchases - whether paid for in cash or financed - are eligible for tax benefits under Section 179, as long as the vehicle is received by December 31, 2018. *The information provided here is intended as a general overview of the Section 179 Deduction. You should always consult with a tax professional on business tax deductions.                                                                             
 
May be able to deduct up to 100% of the purchase cost in the first year. Click here to use the IRS Tax deduction Calculator

The Ford F-series are the ultimate work truck. If you need to haul a big load, the F-250 , F-350, F-450, have impressive payload capacity.
The guys who own work trust the capable Ford Super Duty Trucks.
2018 F-150
2018 F-450
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*        Trucks with a GVWR greater than 6,000 lbs. and a bed length of at least six feet (i.e., Ford F-150/F-250/F-350) qualify for the maximum first-year depreciation deduction of up to the FULL  PURCHASE PRICE. SUVs, included trucks, with a bed length of less than six feet and a GVWR greater than 6,000 lbs. (i.e., Ford F-150 Super Crew® 5 ½ ft. bed, Explorer, Expedition) qualify for a maximum first-year depreciation deduction of up to the first $25,000 of the full purchase price plus 60% depreciation of any remaining balance. Vehicles of less than 6,000 lbs. GVWR (built on a truck chassis), such as the Transit Connect, may still qualify under current bonus depreciation for up to $11,560 per vehicle in the first year. Passenger automobiles under 6,000 lbs. GVWR also may qualify for up to $11,160 in depreciation.


This information is provided as a courtesy by your local Ford Dealership as a public service to you. It should not be construed in any way as tax advice or a promise of potential tax savings or reduced tax liability. Individual tax situations may vary. Federal rules and tax guidelines are subject to change. For more information about the Section 179 tax code and tax deductions, please contact your tax professional for complete rules applicable to your transactions and visit the Internal Revenue Service website at www.irs.gov. 1This analysis applies only to vehicles placed in service in the United States after December 31, 2015, and by December 31, 2016. The aggregate deduction of $500,000 under Internal Revenue Code Section 179 is most beneficial to small businesses that place in service less than $2,000,000 of "Section 179 property" during the year (vehicles and other business property). The $500,000 deduction decreases by a dollar for every dollar spent on Section 179 property in excess of $2,000,000. 2Passenger vans that seat nine (9) or fewer people behind the driver's seat will have a limit of $25,000. Vans that seat ten (10) or more people behind the driver's seat and cargo vans will have a $500,000 aggregate limit under Section 179 on the amount of first-year deduction. Each $25,000 deduction contributes to the $500,000 aggregate deduction limitation under Section 179. 3IRC Section 280F(d)(7)(B) requires that the limitation under IRC Section 280F(a)(1) be adjusted annually, based on the CPI automobile component for October of the preceding year. The IRS officially announced the Section 280F depreciation limits in Revenue Procedure 2016-23. The passenger automobile limitation is $11,160, the trucks/vans under 6,000 lbs. limitation is $11,560. The expensing restrictions under Section 280F do not apply to vehicles that are considered to be "qualified non-personal use vehicles" (QNUVs). A QNUV is generally a vehicle that, by virtue of its nature or design, is not likely to be used more than a de minimis amount for personal purposes. For more information, see Income Tax Reg. Sec. 1.280F-6(c)(3)(iii), Income Tax Reg. Sec. 1.274-5T(k) and Revenue Ruling 86-97, and contact your tax advisor for details. Consult your tax advisor as to the proper tax treatment of all business-vehicle purchases.
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