2024 Ford Section 179 Tax Savings Near Aiken, SC
As a small business owner, every expense matters. Investing in essential vehicles and equipment is crucial -- though the costs of upgrading can sometimes seem intimidating. Fortunately, the Section 179 tax deduction is here to assist businesses in acquiring the necessary vehicles for progress!
Discover how the Section 179 tax incentive can help you save on eligible Ford trucks, vans and passenger vehicles at Herlong Ford near Aiken. We're eager to support your business in expanding its fleet affordably!
What Is the Section 179 Tax Deduction?
Section 179 is an IRS tax regulation allowing businesses to deduct up to the entire purchase cost of qualifying vehicles used for company purposes that were acquired or financed during the tax year. This government initiative encourages small and medium enterprises to invest in vital equipment.
How Does Section 179 Work?
In the past, businesses would incrementally deduct qualifying equipment through depreciation. While beneficial, many prefer the capability to write off the full purchase amount for the acquisition year. Section 179 facilitates this by enabling a complete deduction of qualifying equipment costs for the current tax year.
This benefit has positively impacted numerous businesses in Edgefield. Most small enterprises can entirely write off qualifying equipment costs on their 2024 tax return, with a maximum limit of $1,220,000.1
2024 Section 179 Limits
Section 179 has specific limits that cap both the total deductible amount and the total equipment purchase value. These caps are designed with small businesses in mind.
For 2024, Section 179 caps are:
- 2024 Deduction Limit: $1,220,0001
- Valid on new and used equipment (must be new to buyer), either purchased or leased.
- 2024 Spending Cap: $3,050,0001
- Upon reaching this spending threshold, the maximum deduction you qualify for is reduced on a dollar-for-dollar basis.
- 2024 Bonus Depreciation: 60%1
- This tax benefit enables a business to deduct a substantial percentage of the purchase price of qualifying assets immediately. It's typically claimed after the Spending Cap is achieved.
Section 179 Eligibility Requirements
Businesses purchasing, financing or leasing new Ford models or used business equipment in the 2024 tax year can take advantage of Section 179 savings if used by December 31, 2024.¹ Vehicles eligible for these savings typically include work-focused models used for specialized tasks. Even standard passenger vehicles can earn partial deductions if used for business purposes at least half the time.¹
Ford commercial and passenger vehicles that qualify for Section 179 benefits include:
- Ford F-150
- Ford Super Duty®
- Ford Transit Cargo Van
- Ford Transit Passenger Wagon
- Ford Expedition
- Ford Explorer
- Other Ford trucks, vans and SUVs
Commercial Ford Sales Near Aiken, SC
If you're seeking information on the tax benefits of acquiring an F-250 or details about Ford Explorer eligibility under Section 179, the team at Herlong Ford is here for you. Contact us to discuss specific tax limits and eligibility with our auto finance specialists and browse our selection to find the ideal commercial truck or pre-owned van for your business.
Read More:Commercial Ford Vehicle Center | New Ford Specials | Ford Finance Center
1 Information accurate as of publishing date. Please consult https://www.section179.org for the most up-to-date details.