Your small to medium business requires the necessary equipment and this extends to commercial vehicles in Sioux Falls, SD.
So, to help promote the endeavors of small businesses, the federal government has created the Section 179 tax deduction.
At Sioux Falls Ford Lincoln, this tax deduction will apply to certain Ford commercial vehicles in-stock, onsite. These include Ford Super Duty trucks of cutaway and chassis cab configurations and even Ford SUVs.
What is the Section 179 tax deduction in South Dakota?
The Internal Revenue Service (IRS) current tax code allows for certain Ford commercial vehicles to qualify dependent upon gross vehicle weight.
At play is a first-year deduction comprising $25,000 of the full purchase price. There's also the 60% depreciation of any remaining balance, given a Ford truck above 6,000-lbs. and a bed comprising six-feet of space.
Ford SUVs are also considered with a gross vehicle-weight rating above 6,000-lbs., but under 14,000-lbs. Certain restrictions apply as with dates placed into service and other requirements outside Iowa.
Are there any exclusions to this IRS tax deduction?
Indeed, there are certain exclusions that a proprietor must consider.
For reference, browse below for an accounting:
- Any qualifying vehicle must be used for business purposes 50% of the time in the first year of being placed into service.
- To determine this percentage, mileage is used as an indicator.
- Any cost eligible for deductions is premised upon the percentage used for business if also driven in a personal capacity.
- If your business spends less than $2.5 million on equipment needs, you're likely to qualify.
Sioux Falls Ford Lincoln – A Dedicated, Commercial Center Awaiting Your Business Needs in Sioux Falls, SD
With any upfitting requirements, our commercial-service advisor will facilitate every aspect of customization.
You may also order your Ford commercial vehicle using our online ordering page.