What Is the Section 179 Tax Deduction?

Section 179 IRS tax code provision lets you deduct the full purchase amount of your qualifying business vehicle and equipment purchases during the current tax year. Created as a business incentive, the deduction encourages new or pre-owned commercial vehicle purchases. Utilizing this tax deduction reduces the business's taxable income for substantial savings.

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Which Commercial Vehicles Qualify?

Commercial vehicles eligible for Section 179 deductions include heavy-duty trucks, delivery vans, and business-focused SUVs weighing over 6,000 pounds gross vehicle weight (GVW). Marchese Ford Inc. carries an extensive inventory of eligible vehicles, including the robust Ford F-250, F-350, Transit cargo vans, and Ford Super Duty trucks. Each vehicle meets IRS standards, allowing business owners to maximize their potential savings confidently.

What is the Deduction Limit for 2024?

The IRS set the 2024 Section 179 deduction limit for qualified equipment and vehicle purchases at $1,220,000. Additionally, the maximum purchase limit before phase-out begins at $3,050,000. The deduction gradually reduces once businesses exceed this spending threshold, ultimately incentivizing timely investments in new commercial vehicles.

How Can Marchese Ford Inc. Help Optimize My Section 179 Deduction?

Marchese Ford Inc. provides comprehensive support throughout your vehicle selection process. Our inventory specialists identify commercial trucks and vans specifically qualified under Section 179 guidelines. Expert finance professionals work directly alongside business customers to structure purchases that enhance deduction advantages, ensuring maximum tax benefits.

Do Used Commercial Vehicles Qualify?

Pre-owned commercial vehicles qualify under Section 179, provided they are new to the purchasing business and meet IRS weight and usage requirements. Marchese Ford Inc. offers a carefully selected range of certified pre-owned vehicles explicitly tailored to meet Section 179 standards, enhancing affordability without compromising quality.

Are There Any Usage Requirements to Claim the Deduction?

Vehicles must primarily operate for business purposes, with a minimum of 50% documented business use. Deductions correlate proportionally to the percentage of business usage. Proper documentation and meticulous record-keeping remain crucial to substantiate claims effectively.

How Do I Claim the Section 179 Deduction?

To claim the Section 179 deduction, complete IRS Form 4562 and submit it alongside your annual tax filings. Consult your tax advisor to ensure compliance and precise calculation, further solidifying financial planning accuracy.

Shop from our new and used commercial inventory at Marchese Ford Inc. today and boost your business savings through these Section 179 deductions.