The 2023 tax year is almost over, and we know firsthand that businesses are already looking ahead to their tax bills, especially those that purchased new business equipment. The good news for those businesses is that the 2023 Section 179 Deduction remains a huge boon for small businesses that purchased fleet vehicles this year. Below, we talk more about the Section 179 deduction and how there is still time to take advantage of this tax write-off when buying one of our new Ford commercial vehicles in New Lebanon, NY!
What is the 2023 Section 179 Deduction?
The Section 179 Deduction helps small and medium companies with their equipment purchases, including new vehicle purchases. There are some 2023 Section 179 changes that will close previous loopholes, but this remains an excellent small business tax write-off when you buy a new van or work truck near Pittsfield, MA. Key figures for Section 179 deductions for the 2023 tax year include:
- Maximum deduction: $1,160,000
- Spending Cap: $2,890,000
- Bonus Depreciation: 80%
Section 179 applies to both new and used commercial vehicles, and you can apply this write-off as long as you're using the vehicle for business purposes more than 50% of the time. There are other items to consider for vehicles that qualify for Section 179, such as whether they weigh over 14,000 pounds.
Learn More About the Tax Implications of Buying a Commercial Vehicle near Albany, NY
Our selection of new Ford work vehicles and used commercial vehicles near Bennington, VT makes us the right place to find models for your company's fleet. Of course, it helps that we're so knowledgeable about taxes when buying commercial equipment. Call or email us with questions about the 2023 Section 179 Deduction or our current commercial vehicle options!