Buying Commercial Trucks for Your Business? Order Before year End for Tax Benefits

November 17th, 2021 by

Are you looking to get an upgrade for your business? Well, we here at Parkway Ford invite you to check out inventory of commercial vehicles. As you browse through our inventory, you can take advantage of year-end tax benefits.

Among these befits is the Section 179 Tax Deductions for commercial truck purchases. The deduction allows you to write off a significant portion of the purchase of one of our commercial vehicles. Below, we’ll share further details about Section 179. Plus, we’ll tell you about the vehicles that qualify for the tax deduction.

If you have any questions about our commercial vehicle inventory, please let us know.

Section 179 Tax Deductions

Under Federal law, the Section 179 Tax Deduction allows Dover, OH drivers to write off and deduct the full purchase price of a Ford Commercial vehicle or vehicles from their gross taxable income. You can note this deduction on your IRS tax form and see the savings fall your way. The write-off is contingent on the purchase being completed before December 31st, 2021.

In total, you can deduct up to $1,050,000 off the purchase of new Ford Commercial vehicles

Qualifying Vehicles

The Section 179 Tax Deduction covers the full price of commercial vehicles with a Gross Vehicle Weight Rating (GVWR) of over 6,000 pounds. Among the eligible vehicles include the long-bed Ford F-150 along with the Ford F-250 and Ford F-350.

Moreover, shoppers can deduct up to $25,000 for the Ford Transit Wagon. Plus, shoppers can deduct over $11,000 for the Ford Transit Connect Van and Ford Transit Connect Wagon.

Keep in mind, for the vehicle to remain eligible In its first year of service, 50% of mileage covered must be used for business.

Posted in New Inventory