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BUY A NEW FORD & GET ABIG WRITE‑OFF
See If You QualifyThanks to new guidelines under the IRS Section 179 tax code, many small businesses in Montana that invest in new or used qualified equipment can now write off up to $1,080,000 of these purchases on their 2022 IRS tax returns. Usually, small businesses need to spread these deductions over several years. But now, with the tax benefits provided under IRS Section 179, many small businesses in the Great Falls area can write off up to the entire purchase cost of one or more qualifying new or used Ford trucks or vans.
*Plus any remaining basis using MACRS method
**If you have questions, consult your tax professional for exact rules regarding Section 179 and vehicles.
Frequently Asked Questions
Section 179 is the current IRS tax code that allows you to buy qualifying Ford vehicles and deduct up to the purchase price (including any amount financed) from your gross taxable income if purchased before December 31, 2022. Meaning if you buy a qualifying new or used Ford vehicle at Bison Ford in Great Falls, MT, you may be able to write off up to the FULL PURCHASE PRICE from your gross taxable income this year!
Trucks with a GVWR greater than 6,000 lbs. and a bed length of at least six feet (i.e., Ford F‑150/F‑250/F‑350) qualify for the maximum first-year depreciation deduction of up to the FULL PURCHASE PRICE. SUVs, including trucks, with a bed length of fewer than six feet and a GVWR greater than 6,000 lbs. (i.e., Ford F-150 SuperCrew 5.5 ft. bed, Explorer, Expedition) qualify for a maximum first-year depreciation deduction of up to the first $25,000 of the full purchase price plus 60% depreciation of any remaining balance.
The qualifying vehicle must be purchased and placed into service between January 1, 2022, and December 31, 2022. It must be used at least 50% for business, based on mileage, in the first year it is placed in service. So if you choose to use it for both personal and business use, the cost eligible for the deduction would be the percentage used for business. Please note that all businesses that purchase and/or finance less than $2,700,000 in business equipment during the tax year 2022 should qualify for the Section 179 deduction.
Now is a great time to buy!
In addition to the significant tax savings opportunities above, you can also take advantage of current promotions*, plus any applicable Customer Cash offer. It really is an incredible time to buy a new or pre‑owned Ford truck or SUV at Bison Ford in Great Falls, MT.
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NOTE: The information supplied here is provided by your local Ford Dealer as a public service to its customers. It should not be construed as tax advice or as a promise of potential tax savings or reduced tax liability. Individual tax situations may vary. Federal rules and tax guidelines are subject to change. For more information about the Section 179 expense write-off or other business vehicle expense write-offs, you should consult your tax advisor for complete rules applicable to your transaction and visit the Internal Revenue Website at www.irs.gov. This analysis applies only to vehicles placed in service in the United States after January 1, 2022 and by December 31, 2022 with no written binding contract for acquisition in effect before January 1, 2022. The aggregate deduction of $1,080,000 under Internal Revenue Code Section 179 is most beneficial to small businesses that place in service less than $2,700,000 of "Section 179 property" during the year (vehicles and other business property). IRC Section 280F(d)(7(B) requires that the limitation under IRC Section 280F(a)(1) be adjusted annually, based on the CPI automobile component for October of the preceding year. The IRS officially announced the Section 280F depreciation limits in Revenue Procedure 2018-23. The passenger automobile imitation is $11,160, the trucks/vans under 6,000 lbs. limitation is $11,560. SUV's over 6,000 pounds GVWR are limited to a deduction of $25,000 under Section 179(b)(5) with the remaining basis in the vehicle depreciated under normal MACRS methods. The expensing restrictions under Section 280F do not apply to vehicles that are considered to be "qualified non-personal use vehicles" (QNUVs). A QNUV is generally a vehicle that, by virtue of its nature or design, is not likely to be used more than a de minimis amount for personal purposes. For more information, see Income Tax Reg., Sec. 1.280F‑6(c)(3)(iii), Income Tax Reg. Sec. 1.274‑5T(k), and Revenue Ruling 86‑97, and contact your tax advisor for details. Consult your tax advisor as to the proper tax treatment of all business-vehicle purchases. All prices exclude taxes, title and registration and document fees. Not all buyers will qualify for all offers. Above total savings are examples of specific vehicles; total savings varies by vehicle. (Individual Vehicle Incentives and Offers go here) Available at participating dealers only. For all offers, take new retail delivery from dealer stock by 12/31/2022. See dealer qualifications and complete details. All incentives were correct at the time of printing and are subject to change at any time. Models shown may not represent the actual vehicle description listed, and therefore may include additional features and/or accessories.
Ford Truck Tax Write Off
If you're a small-business owner in Montana looking to expand your commercial Ford fleet–ask about how you can save by taking advantage of the Section 179 Tax Deduction. The Section 179 tax code is a way of helping small-to-medium-sized businesses invest in themselves. With this auto tax incentive, you can write off the cost of vehicles used 50% of the time for business purposes. Your new or pre-owned Ford truck or cargo van must be put into service by December 31, 2022, to take advantage of the Section 179 deduction. The knowledgeable sales staff at Bison Ford in Great Falls, MT, has been assisting businesses to grow their Ford fleet in Fort Benton, Bozeman, Helena, and beyond for over 80 years. To learn more, head to our Ford dealership near Billings, MT, to find out how you can save on a commercial Ford vehicle for sale nearby.
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