IRS Section 179... Buy a New Ford and Get a Big Write-off!
In addition to the launch of Fall Commercial Vehicle Season (Nov 1st - Jan 2nd), IRS 179 provides a great opportunity for small business owners to invest in new equipment and realize tax write-offs on their 2020 IRS tax returns (up to $500,000). This is a great benefit your customers can leverage to buy a new Ford and get a big write-off!
Normally, small business spread deductions over several years. The tax benefits provided under IRS Section 179 allow many small businesses to write off up to $500,000 of qualifying new equipment in the year the equipment is placed in service.
What is IRS Section 179 & how can it help my bottom line?
Section 179 is the current IRS tax code that allows you to buy qualifying Ford vehicles and deduct up to the full purchase price (including any amount financed) from your gross taxable income if purchased before December 31st, 2020. That means that if you buy a piece of qualifying equipment and products, you may be able to write off up to the FULL PURCHASE PRICE from your gross taxable.
Does the date of my purchase have an impact on the deduction?
Yes. To qualify for the Section 179 tax deduction for the 2020 year, your Ford vehicle must be purchased or leased and placed into service by December 31st, 2020.
