Section 179 Tax Incentives
Take Advantage of All Tax Incentives at Columbine Ford
Hey there, business owners in the vibrant community of Rifle! We’ve got some exciting news coming your way, especially if you’re eyeing new or used equipment for your small business. Thanks to the fresh guidelines rolled out under the IRS Section 179 tax code, there’s a game-changer for businesses in Colorado. Now, you can snag some profound tax benefits, allowing you to write off up to $1,080,000 on your 2024 IRS tax returns for qualified equipment investments. Forget the usual spread of deductions over several years. With these new provisions, many small businesses, including those in and around Rifle, can potentially write off the entire purchase cost of shiny new Ford trucks or vans from the reputable Columbine Ford. It’s time to rev up those engines and accelerate your business growth while enjoying the tax perks! Continue reading below as we go over some of the most faqs about these incentives!
What is Section 179?
So, here’s the scoop: Have you ever heard of Section 179? It’s not your average tax code; the IRS magic wand lets you snag qualifying Ford vehicles and peel off the purchase price, even the financed part, from your gross taxable income. Picture heading into Columbine Ford you are heading into, eye a shiny new or used Ford vehicle, and bam – you might just be able to wipe off the total purchase price from your gross taxable income this year. Now, that’s what I call turning tax season into a winning season!
Which Vehicles Qualify?
Alright, let’s break it down. If you’re eyeing a powerhouse on wheels, like the Ford F‑150/F‑250/F‑350, with a GVWR greater than 6,000 lbs. and a bed length of at least six feet, buckle up because you’re in for a treat. These beasts qualify for the primo first-year depreciation deduction – we’re talking up to the total purchase price. Now, for the SUV enthusiasts rolling in with a Ford F-150 SuperCrew 5.5 ft. bed, Explorer, Expedition, or similar rides with a bed length less than six feet and a GVWR greater than 6,000 lbs., here’s the deal. You can snag a maximum first-year depreciation deduction, slicing off up to the first $25,000 of the total purchase price, and then throw in an extra 60% depreciation of whatever’s left in the balance. It’s like turbocharging your tax benefits for the road ahead!
Any Catches I Need to be Aware Of?
Alright, let’s dive into the nitty-gritty. To ride the tax wave, the wheels of your qualifying vehicle must hit the pavement between January 1, 2023, and December 31, 2023. Here’s the catch – it has to put in some serious business miles, at least 50% in the first year it hits the road. Now, if you plan on sharing the love between personal and business use, the deduction plays fair – it’s based on the percentage used for business. Oh, and here’s a nugget of wisdom: as long as your company doesn’t go all out and drop more than $2,700,000 on equipment during the tax year 2023, you should be in the golden zone to snag that sweet Section 179 deduction. It’s time to make those wheels count and watch the deductions roll in!
Get a Ford Commerical Vehicle at Columbine Ford
Ready to turn these tax perks into a new set of wheels? Look no further than Columbine Ford, your go-to spot for Ford commercial vehicles in town. Picture cruising in a robust Ford F-150, F-250, or F-350, all eligible for that sweet first-year depreciation deduction. Whether you’re in the market for a powerhouse truck or a versatile SUV like the Explorer or Expedition, we’ve got you covered. Don’t miss out on maximizing your business investment. Take the wheel, experience the Ford difference, and schedule a test drive today. Please fill out the form below, and let’s kickstart your journey toward tax-savvy success!
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