Potential Tax Breaks When You Buy A New Ford Commerical Vehicle

Section 179 of the tax code allows businesses to write-off up to $500,000 worth of one or more company vehicles.

Small businesses can get up to the maximum 2020 tax deduction when they purchase a new Ford COMMERCIAL vehicle by December 31, 2020. Thanks to the guidelines under IRS Section 179 of the IRS tax code, many small businesses that invest in new equipment can now write-off up to $500,000 worth of these purchases on their 2020 IRS tax returns.

This qualifies as a purchase of Ford Trucks or Cargo vans over 6,000 lbs. GVWR can get the maximum deduction on their 2020 IRS tax returns.

SOME IRS RULES ABOUT THE TAX WRITE-OFF:

  • Vehicles must be used for business purposes more than 50% of the time.
  • Equipment must be financed and in place by midnight December 31, 2020.
  • Note that all businesses that purchase and/or finance less than $2,000,000 in business equipment during tax year 2020 should qualify for the Section 179 Deduction.
  • Consult a Tax Accountant for complete details.
  • Which vehicles qualify for the greatest IRS tax savings?

  • 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, including trucks, with a bed length of less than six feet and a GVWR greater than 6,000 lbs. (i.e., Ford F-150 SuperCrew 5 1/2 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.
  • What about smaller Trucks/Vans/SUVs?

  • 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
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    1. Sayville Ford

      5686 Sunrise Highway
      Sayville, NY 11782

      • Sales: (631) 589-4800
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    Hours

    • Monday 9:00 AM - 9:00 PM
    • Tuesday 9:00 AM - 9:00 PM
    • Wednesday 9:00 AM - 9:00 PM
    • Thursday 9:00 AM - 9:00 PM
    • Friday 9:00 AM - 9:00 PM
    • Saturday 9:00 AM - 6:00 PM
    • Sunday 11:00 AM - 5:00 PM

    Contact

    Sayville Ford

    5686 Sunrise Highway
    Directions Sayville, NY 11782

    • Sales: (631) 589-4800
    • Service: (844) 338-8879
    • Parts: (844) 338-9620