Big Time Tax Benefits | Payne Rio Grande City Ford

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BIG TIME TAX BENEFITS

Deduct up to 100% of the total purchase price of selected Ford tracks and vans on this year’s taxes. Learn more about incentives on Ford commercial vehicles.

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SECTION 179
TAX DEDUCTIONS

If you have a growing business that's in need of reinforcements when it comes to commercial trucks, cargo vans and other work vehicles, turn to the pros at our Ford dealer near Lexington. Thanks to the Section 179 tax deduction, your small- or medium-sized business may be able to deduct up to 100% of the costs of vehicles purchased and used for company purposes.1 To be eligible for the Section 179 tax savings, you must purchase a Ford model and put it into service by the end of the day on December 31, 2022. For additional details on Ford EV incentives and other potential commercial vehicle specials, don't hesitate to reach out to the experts at Dutch's Ford. We'll match you with new truck sales and commercial vans that are perfect for the job!

THE DETAILS

Now is the time to purchase the additional vehicle(s) needed for your business.
100% expensing for federal income tax purposes may be available on your next Ford Truck purchase.

WHAT ARE THE SECTION 179 TAX DEDUCTION LIMITS FOR 2022?

The Section 179 tax code was established to primarily benefit small- and medium-sized businesses. That's why there are certain spending limits in place that affect the total amount a company is able to deduct. For 2022, the Section 179 limits are:

2022 Deduction Limit: $1,080,0001 -- valid on new and used equipment (must be new to the buyer)
2022 Spending Cap: $2,700,0001 -- the max amount that can be spent on equipment before the Section 179 tax deduction begins to reduce on a dollar-for-dollar basis
2022 Bonus Depreciation: 100%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment

Your business can use Section 179to deduct up to 100% of the costs of qualifying commercial vehicles.1 Plus, you can receive partial Section 179 deductions on traditional passenger vehicles that are used for business purposes at least 50% of the time. Want to know if used cars are eligible for Section 179? Yes! The important thing is that the vehicle is "new to you." The 2022 Section 179 deductions for passenger vehicles are:

Cars: $11,160 (including Bonus Depreciation)1
Trucks & Vans: $11,560 (including Bonus Depreciation)1
Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1