SECTION 179
TAX INCENTIVES
Attention Business Owners! Take advantage of Section 179 tax incentives today! You can write off up to 100% of qualifying purchases.
See Qualifying Vehicles
Section 179 At A Glance
2021 Deduction Limit = $ 1,050,000
You can deduct up to $1,050,000 for new and used vehicles. In order to take advantage of the deduction vehicles must be financed or purchased and put into service between January 1, 2021 and the end of the day on December 31, 2021.
2021 Spending Cap = $2,620,000
You can spend up to $2,620,000 on new vehicles before the Section 179 Deduction begins to be reduced on a dollar for dollar basis.
Bonus Depreciation: 100% for 2021
Once the Section 179 Spending Cap is reached Bonus Depreciation is generally taken at that time. The Bonus Depreciation is available for both new and used vehicles.
What is Section 179?
The Section 179 tax incentive was designed by the U.S. government to help small businesses invest in themselves, so don’t miss out on this opportunity to save when you buy a Ford work truck or commercial van nearby. The Section 179 tax code is meant to support small and medium-sized businesses that want to invest in themselves, so stop by our Ford dealership in Niles, IL, to ask about how much you can save with the Section 179 tax deduction. There are a couple guidelines to consider if you’re looking to take advantage of the Section 179 tax write-off, like your Ford truck or work van must be put into service prior to December 31st, and it must be used for business purposes at least 50% of the time. Remember, you can only claim Section 179 in the tax year that the vehicle is “placed in service” – meaning when the vehicle is ready and available – even if you’re not using the vehicle. Further, a vehicle first used for personal purposes doesn’t qualify in a later year if its purpose changes to business.
Are There Limits to the Section 179 Tax Code?
For passenger vehicles, trucks, and vans (not meeting the guidelines below), that are used more than 50% in a qualified business use, the total deduction including both the Section 179 expense deduction as well as Bonus Depreciation is limited to $11,160 for cars and $11,560 for trucks and vans. Certain vehicles (with a gross vehicle weight rating above 6,000 lbs. but no more than 14,000 lbs.) qualify for deducting up to $25,000 if the vehicle is purchased and placed in service prior to December 31 and meets other conditions.
Help your business thrive with the Section 179 tax write-off. Golf Mill Ford’s sales experts are standing by to answer all your questions and help you decide on the right vehicle for your business. Claim Section 179 tax savings at our Niles, IL dealership!
You can also visit section179.org to learn more.
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