Section 179 Tax Deductions | Taking Your Business to the Next Level
Keeping your business moving in the right direction requires more than luck. Taking advantage of all the tax benefits you can will help ensure your business thrives. At Inver Grove Ford, we take pride in helping our business customers ascend to the next level. With Section 179 tax deductions, you'll have what you need to get the most out of every visit.
Whether you're a contractor, fleet operator, landscaper, plumber, electrician, small business owner, or work in a different field, we want to partner with you to help you find ways to reduce your tax liabilities. Let our experts help you take advantage of this beneficial IRS code and protect your bottom line.
What is Section 179?
Section 179 is an IRS tax code that benefits businesses, allowing them to deduct the cost of qualifying equipment. Vehicles must be used for business purposes at least 50% of the time to qualify for this tax code. There are several advantages you'll have when using this approach.
Key Advantages of Section 179
- An immediate reduction of taxable income. Instead of writing off deductions, a little at a time. Your business benefits from the immediate write-off.
- Improved year-end cash flow planning.
- The capability to reinvest your tax savings back into your business operations.
- You can choose from a variety of qualified equipment to support your business objectives.
Qualifying Ford Models
With Section 179 tax deductions, you can purchase vehicles that suit your business needs while qualifying for this program. Section 179 utilizes a vehicle's Gross Vehicle Weight Rating (GVWR) to determine its eligibility.
Here is a list of Ford models over 6,000 pounds that may qualify under this program.
- Ford F-150®
- Ford F-150 Lightning®
- Ford Super Duty®
- Ford Transit®
- Ford Explorer®
- Ford Expedition®
Example of Potential Tax Savings
If your business buys a Ford Super Duty model for approximately $85,000, and you're in a 30% combined tax bracket, you can reduce your tax liability by around $25,500. Remember, every business is unique. Before pursuing Section 179, it may benefit you to consult a tax professional first and determine how it impacts your total business financial plan.
Reasons to Choose Inver Grove Ford
We're dedicated to helping you win. Our knowledgeable team members will help you find the qualifying models that will support your business and bottom line. Our commercial lending experts have the knowledge and experience to ensure your financing process is smooth and worry-free. Contact us today to experience the difference we can make in your journey. We look forward to serving you.
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Inver Grove Ford
4725 S Robert Trail
Inver Grove Heights, MN 55077-1108
- Sales: 651-451-2201
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