Are you looking to grow your business's fleet of vehicles but are concerned about expenses? Thanks to the Section 179 tax deduction, you can put those worries aside. The Section 179 tax incentive is exclusively designed for small- and medium-sized businesses to help them reduce overall operational costs while enlisting top-notch vehicles in their fleet.
How does it do this? With Section 179, you can write off up to the entire purchase price of qualifying vehicles from your company's end-of-year taxes.1 Whether you need a new Transit van or Super Duty® truck from our Ford dealership near Farmington Hills, this is your opportunity to save!
What Are the 2024 Section 179 Deduction Limits & Spending Caps?
With a spending cap of over $3,000,000 and bonus depreciation of up to 60% for qualifying vehicles,1 the 2024 Section 179 tax deduction helps small- and medium-sized businesses like yours thrive. With this exclusive incentive, eligible businesses can write off up to the entire purchase price of a qualifying vehicle from their company's annual taxes.
The caps for spending in 2024 are as follows:
- 2024 Deduction Limit: $1,220,0001
- Valid on new and used equipment (must be new to buyer), whether purchased or leased
- 2024 Spending Cap: $3,050,0001
- After this cap is reached, deduction is reduced on dollar-for-dollar basis
- 2024 Bonus Depreciation: 60%1
- Applicable to new and used vehicles
- Generally taken after Spending Cap is reached
- Tax incentive that allows a business to immediately deduct a large percentage of the purchase price of eligible assets
If you have any further questions about spending limits, consult with our Ford financing team. Please also bear in mind that you must place your vehicle into service by December 31, 2024, to be eligible for this year's deduction.1
Which Ford Models Qualify for Section 179?
A wide range of new Ford trucks, SUVs and vans qualify for the Section 179 tax deduction and make for incredible business partners. Some models in our inventory that are eligible include:
- Ford F-150
- Ford Super Duty®
- Ford Transit Cargo Van
- Ford Transit Passenger Wagon
- Ford Expedition
- Ford Expedition MAX
- Additional trucks & SUVs
Commercial Ford Vehicles in Redford, MI
To learn more about Section 179-eligible vehicles or schedule an F-150 test-drive, contact Pat Milliken Ford in Redford. We're committed to helping your business prosper by offering top-notch vehicles and auto financing solutions that perfectly match your business goals!
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1 Information accurate as of publishing date. Please consult https://www.section179.org for the most up-to-date details.