The deadline for filing your taxes is right around the corner, and business owners in the area who have purchased a work truck from Woody Folsom Ford should know that there are many tax incentives to be aware of as you file. This includes the Section 179 benefit, which we can discuss in detail with you.
If you purchase a Ford work truck like the F-150 or any one of the Ford Super Duty vehicles, be it a standard truck or one that has been upfitted, plus any Ford Transit vans for work use and some select passenger SUVs, you might be eligible for the Section 179 benefit. Eligibility includes:
- The vehicle is being used for work purposes more than 50 percent of the time, and you can only deduct what is used for work
- You have to have spent less than $4,270,000 on equipment for your business in the 2024 fiscal year
- The vehicle is only eligible to claim the deduction if it was purchased, leased, or placed into service in the same tax year
- Weight requirements include the vehicles falling between 6,000 to 14,000 Gross Vehicle Weight Rating (GVWR) on most work trucks and SUVs
- You cannot write off the purchase price of your new truck or van and also claim standard mileage deductions in the same year
This incentive can only be used for work trucks in different trades and industries and is not for use for rideshare services like Lyft or Uber, which is a different deduction. Our team serving those in Baxley, Jesup, Ludowici, Lyons, Blackshear, and Hazlehurst can discuss the options with you and you can get started on getting a new commercial truck in 2025 and save time by using our online finance application.
