Section 179 Tax Deduction in Cortez, CO
What Are the 2022 Section 179 Tax Deduction Limits & Requirements?
The 2022 Section 179 deduction limits are as follows:
- 2022 Deduction Limit: $1,080,0001 -- valid on new and used equipment (must be new to the buyer).
- 2022 Spending Cap: $2,700,0001 -- the max amount that can be spent on equipment before the Section 179 tax deduction begins to reduce on a dollar-for-dollar basis.
- 2022 Bonus Depreciation: 100%1 -- generally taken after the spending cap is reached, valid on new and used equipment.
The key to getting a Section 179 tax deduction on your vehicle is knowing how it qualifies for one. There are a few requirements the car must meet, such as having to be purchased by December 31, 2022. Local business owners should also know that to receive a Section 179 deduction, you must use the vehicle for business purposes at least 50% of the time. In order to file a Section 179 expense for a tax deduction, the business vehicle must meet the criteria as follows:
- Vehicle must be delivered and put into service by 12/31/2022
- Vehicle must be used for business at least 50% of the time
- Deduction limit of $11,160 for cars (including Bonus Depreciation)1
- Deduction limit of $11,560 for trucks and vans (including Bonus Depreciation)1
- Vehicle may be new or used
Get more information on the Section 179 deduction when you visit our Cortez Ford dealership. Our team is eager to get you a Section 179 tax deduction for your local business!
Which Ford Vehicles Does Section 179 Apply To?
The Section 179 tax deduction applies to a wide selection of new Ford vehicles for sale in Cortez, including:
- Ford F-150
- Ford Super Duty
- Ford Transit
- Ford E-Transit
- Ford Explorer
- Ford Expedition
Along with filling you in on Section 179 deduction information, our nearby Ford dealer can help you find a pickup, SUV or van that s perfect for your business. Contact Keesee Motor Company to schedule a test-drive and upgrade to a Ford model that your business can get a Section 179 tax deduction for. Cortez business owners know to turn to us as their Section 179 vehicle source.
1 See dealer for details.