How To Get A Free Truck Using Sec 179

NOW GET UP TO A $1 MILLION TAX BREAK WHEN YOU PURCHASE NEW FORD COMMERCIAL VEHICLES BY DEC. 31.

If you're a small business owner and you bought a Ford vehicle during 2018, you may be eligible for a tax refund. IRS Section 179 lets you write off up to $1 MILLION of qualifying new equipment in the year it is put into service, and that includes a Ford vehicle used for business. Whether you're looking to get a write-off for an existing vehicle or if you're looking to invest more into your business, we're here to help you out.

ANY CATCHES?

  • The qualifying vehicle must be purchased and placed into service by December 31, 2018.
  • It must be used at least 50% for business, based on mileage, in the first year it is placed in service.
  • If you choose to use it for both personal and business use, the cost eligible for deduction would be the percentage used for business.
  • For more complete details and a look Ford's entire Commercial Truck lineup, please visit the Ford Commercial Connection Section 179 landing page:  https://fordtoughtruck.com/tax-deductions
 

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Contact

Moffitt's Ford Lincoln

1819 SE Marshall
Directions Boone, IA 50036

  • Sales: (515) 432-6336
  • Service: (515) 432-6336
  • Parts: (515) 432-6336

FAQ

What is IRS Section 179 & how can it help my bottom line?

  • Section 179 is the current IRS tax code that allows you to buy qualifying Ford vehicles and deduct up to the full purchase price (including any amount financed) from your gross taxable income if purchased before December 31, 2018
  • That means that if you buy a piece of qualifying equipment and products, you may be able to write off up to the full purchase price.

Does the date of my purchase have an impact on the Section 179 deduction?

  • Yes. To qualify for the Section 179 tax deduction for the 2018 tax year, your Ford vehicle must be purchased or leased and placed into service by December 31, 2018

Which vehicles qualify for the greatest IRS tax savings?

  • Trucks with a gross vehicle weight rating 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

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 $18,000 per vehicle in the first year
  • Passenger automobiles under 6,000 lbs. GVWR also may qualify for up to $18,000 in depreciation

If you have any questions, we're here to help. Give us a call at (888) 703-1493 to get in touch with one of our auto experts, or come visit us in person here in Arcadia, LA. We can't wait to meet you!

 

NOTE: The information supplied here is provided as a public service. It should not be construed as tax advice or as a promise of potential 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 expense write-off or other business vehicle expense write-offs, you should consult your tax advisor for complete rules applicable to your transaction and visit the Internal Revenue website at www.irs.gov.

1 This analysis applies only to vehicles placed in service in the United States after December 31, 2017 and by December 31, 2018 with no written binding contract for acquisition in effect before January 1, 2018. The aggregate deduction of $1,000,000 available under Internal Revenue Code Section 179 is most beneficial to small businesses that place in service less than $2,500,000 of "Section 179 property" during the year (vehicles and other business property). The full cost of the vehicle may only be deducted on trucks with a GVWR greater than 6,000 lbs. and a bed length of at least six feet. The deduction available in the year of purchase on vehicles under 6,000 lbs. GVWR is set by The Tax Cuts and Jobs Act. IRC 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 2017-29. The limitation for first year depreciation on passenger automobiles under 6,000 lbs. GVWR is $18,000 and the limitation for first year depreciation for trucks/vans under 6,000 lbs. GVWR is $18,000. The remaining cost of the automobile, truck or van is depreciated under regular MACRS methods. SUV's over 6,000 lbs. GVWR and trucks with a bed length of less than six feet over 6,000 lbs. GVWR are limited to a deduction of $25,000 in the year of purchase under Section 179(b)(5) with the remaining basis in the vehicle depreciated under normal MACRS methods. The expensing restrictions under Section 280F do not apply to vehicles that are considered to be "qualified non-personal use vehicles" (QNUV's). 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. For all offers, take new retail delivery from dealer stock by 12/31/2018. See dealer qualifications and complete details.

- See more at: https://fordtoughtruck.com/tax-deductions#sthash.ipj03d0O.dpuf
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