Route 23 Ford is proud to be your Franklin Lakes area source for all things Ford. We're a Ford dealership that does our best to look out for our customers and communities, and we want to make sure everyone eligible is taking full advantage of their Section 179 tax deduction. Already know about Section 179? Browse our new Ford inventory or start your Ford model research today and let's get you or your business' new vehicle on the road!
What is Section 179?
Section 179 allows taxpayers from Riverdale, NJ, and all over the country to write off percentages of a new or used vehicle purchase based on how they use the vehicle and other factors.
- The 2023 deduction limit is $1,160,000. To take the deduction for the current tax year, it must be purchased or financed between January 1st, 2023, and December 31st, 2023.
- The 2023 Spending cap is $2,890,000. This is the amount that can be spent on equipment before the available deduction begins to be reduced. Businesses that spend up to $4,050,000 will still qualify for the benefit.
- Bonus depreciation is set to 80% for 2023. That allows you to immediately deduct up to 80% of the vehicle's depreciation upfront rather than writing it off over the vehicle's life.
- The vehicle must be used for business purposes more than 50% of the time to qualify.
So, now that you know the rules, do you think your business might benefit from having one of our new Ford SUVs in the fleet? If you don't see something you like on the lot, feel free to place an order for one.
Learn More and Save With Route 23 Ford
Visit our Section 179 tax deduction page for more details, or contact us to learn more. We hope to see you soon.
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