Here at Bell Ford, we provide Ford commercial vehicle options, including many trucks and work vans for businesses around areas like Adrian along with Tecumseh, Clinton, Brooklyn and Dundee, MI. To fully benefit from a work truck, you should be aware of the tax incentives you have, especially if you've purchased a new work truck this year, which can be added for tax savings on Section 179 of your taxes when you file them in the new year.
Here are a few things to know about the program. First, if you purchase a new Ford work truck or fan, or a "new to you" option, that can include pre-owned choices for business use, you might be eligible to write off the purchase with a Section 179 deduction. This lets you deduct the entire cost of the vehicle in the first year you're using it for business. Some of the requirements include:
- Using the vehicle for business more than 50 percent of the time, only deducting what you use for work
- Each vehicle eligible for a deduction has to meet requirements like a weight standard of 6,000 to 14,000 pounds
- You're not able to write off the purchase price and claim the standard mileage deduction in the same year
- You cannot deduct more than your business's net income for the year
Other guidelines apply such as how much can be deducted through Section 179, and what types of businesses can utilize it. Those who drive for hire like an Uber or Lyft driver won't be eligible for this benefit, for example. We're able to guide you through it as our commercial trucks and vans team here at Bell Ford are happy to assist drivers in getting the right vehicle for their business, and benefitting from tax incentives. There's still time to meet the deadline if you're looking to expand your fleet, so get in touch with us and find out more soon.