Section 179 Tax Break

Do you know about the Section 179 tax deduction? This initiative was drafted by the Internal Revenue Service (IRS) to assist small businesses develop and grow, which is why the expert staff at Fred Beans Ford of Newtown is ready to tell you all about the different advantages the Section 179 program can bring to your business. The tax code allows you to deduct the purchase price of qualifying business software and equipment purchased or financed during the fiscal year from your gross income. The amount of the deduction can be up to a staggering $1,000,000*, but needs to be used before Dec. 31, 2020. Qualified software and equipment are eligible for a deduction worth the entire purchase price, which allows you to earn money back when you file taxes at the end of the year.

The Section 179 tax deduction was formed by the U.S. government in 2010 to promote the growth of small businesses. In order to take advantage of it, you need to buy and use the software or equipment by the expiration date of 12/31/2020.

For passenger vans, trucks, and any other commercial vehicles, your total depreciation deduction will include both the Section 179 expense deduction and a 100 percent Bonus Depreciation.. The Bonus Depreciation now includes used equipment and is typically applied once larger businesses reach the Section 179 spending cap.

The experienced team at your Fred Beans Ford dealer cannot wait to show you around our extensive inventory Ford commercial models and use the various Section 179 tax deductions for your benefit. We encourage you to visit our dealership and check out models like the rugged Ford Super Duty F-250 and the versatile Ford Transit van. It is time to help your business reach new heights. Come see us and take advantage of the Section 179 deduction today!