As a business owner, you're always looking for ways to save money and reduce your tax liability. One way to do that is by taking advantage of Section 179 of the IRS tax code, which allows you to deduct the full purchase price of qualifying equipment, including vehicles purchased or financed during the tax year. To receive the deduction for this tax year, you need to make your fleet vehicle purchases soon.
Find Your Fleet Vehicles at Metro Ford Inc
Metro Ford Inc., conveniently located in Independence, MO, has a wide selection of vehicles perfect for any size business fleet. We proudly serve the entire Kansas City Area with our extensive inventory and knowledgeable sales staff. Our team is ready to help your business find the right vehicles to meet your needs and budget.
Understanding the Section 179 Tax Deduction
So what exactly is the Section 179 deduction? Essentially, it allows businesses to deduct the full purchase price of qualifying equipment and vehicles from your gross income. This is different from depreciation, where you write off the cost over several years. With Section 179, you get to deduct the full amount upfront, which can significantly lower your taxable income for the year.
For the 2023 tax year, the Section 179 deduction limit is $1,160,000. This means your business can deduct the full cost of any qualifying vehicles purchased, up to $1,160,000. The spending cap on equipment purchases is $2,700,000, after which the deduction begins to phase out on a dollar-for-dollar basis. So if you're planning on making some major vehicle purchases for your business fleet, now is the time to do it to take full advantage of this tax break.
Qualifying Vehicles Under Section 179
Most vehicles used primarily for business purposes will qualify for the Section 179 deduction, with a few exceptions. This includes vehicles such as the following:/p>
- Pickup trucks
- Cargo vans
- SUVs
- Passenger vans
To qualify for the deduction, the vehicle must be used for business purposes more than 50% of the time. Vehicles that are used for both business and personal purposes may still qualify, but the deduction will be based on the percentage of business use.
Visit Metro Ford Inc. for Your Business Fleet Needs
At Metro Ford Inc. in Independence, Missouri, we have a large selection of vehicles that qualify for the Section 179 deduction. Our knowledgeable sales team can help you choose the right vehicles for your business fleet, whether you need a couple of pickup trucks or a whole fleet of cargo vans. We have strong ties with the local business community and are committed to helping companies in the Kansas City Area succeed.
Financing and Leasing Options
In addition to our extensive inventory, we also offer competitive financing options for business vehicle purchases. Our finance team will work with you to find a payment plan that fits your budget and cash flow needs. We can also help you navigate the Section 179 deduction and provide the necessary documentation for your tax records.
Get Started in Independence Today!
Don't wait until it's too late to make your business fleet purchases for the year. Visit Metro Ford Inc. in Independence, MO today and let us help you take advantage of the Section 179 business tax savings. With our wide selection of qualifying vehicles and expert sales and finance teams, we're your one-stop shop for all your business fleet needs. Contact us today to schedule an appointment and see how we can help your business save money this tax year.