Here at Bill Colwell Ford, we provide commercial vehicles in the form of quality new Ford trucks and vans at our dealership. This allows those from Hudson, along with the Cedar Falls and Cedar Rapids areas, to find vehicles for their businesses to keep operations moving. When you do purchase a new commercial vehicle, there are also tax incentives. One such incentive is Section 179, and if you've bought a work truck this year, you can benefit from it when filing federal taxes in the new year.
If you purchase a Ford work truck or van, which includes brand new options here at our dealership like a Ford Super Duty or Ford Transit, or a "new to you" option with pre-owned commercial vehicles for business use, you might be eligible to use Section 179 tax savings. This allows you to deduct the entire cost of the vehicle in the first year if it's being used for business, with requirements that include:
- Use for business purposes more than 50 percent of the time, and only deducting what is used for work
- Weight requirements must be a standard weight of 6,000 to 14,000 Gross Vehicle Weight Rating (GVWR)
- You cannot write off the purchase price while also claiming the standard mileage deduction in the same year
- You cannot deduct more than your business's net income for the year
Make sure your business is eligible for this tax guideline, as well, as some are not, like rideshare services such as Uber or Lyft for example. We can guide you through the process and discuss our new Ford work trucks and vans here at Bill Cowell Ford, serving those in Waterloo here in Hudson, IA, and the surrounding area. You can ask us about filing if you've purchased a work truck or van, or discussing buying one now, as there's still time to get it in before the calendar year ends. Contact us and we can begin soon.
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Finance