When your business buys new equipment, it may be eligible for up to a 100 percent deduction for the vehicle's purchase price. Section 179 is designed to help businesses grow by encouraging them to purchase new equipment that helps them better serve their customers.
Three Categories for Deductions
Under Section 179, there are three categories of deductions for businesses in Albuquerque: commercial vehicles with a GVWR over 6,000 pounds, consumer vehicles with a GVWR over 6,000 pounds, and vehicles with a GVWR under 6,000 pounds. Each category is subject to its deductions.
Up to 100 Percent Deduction
Vehicles with a GVWR over 6,000 pounds, usually used for commercial purposes, are eligible for a deduction of up to 100 percent of their purchase price in Rio Rancho. Vehicles in this category include Ford F-250 and F-350 trucks and F-150 pickups with a long bed. Ford Transit cargo vans and passenger vans with more than ten seating capacity are included. Chassis cabs and cutaway vans are also included. Check with your tax advisor before purchasing a vehicle to be sure it qualifies for Section 179 Deductions.
Up to $30,500 in Deductions
Along with a $30,500 deduction, consumer vehicles with a GVWR over 6,000 are also eligible for up to 60 percent of the vehicle's remaining value and a standard depreciation deduction in Edgewood. This category includes Ford F-150 pickups, Ford Expeditions, and Ford Rangers. Again, it is best to consult with your tax advisor to be sure a particular vehicle qualifies for Section 179.
Up to $20,400 in Deductions
Vehicles with a GVWR under 6,000 pounds are eligible for up to $20,400 in tax savings under Section 179 in Belen. This could include the Ford Escape.
Visit Melloy Ford
Browse our selection of Section 179 eligible vehicles at Melloy Ford. Our sales team will work with you to help your Isleta business find the perfect vehicle to add to your fleet or start one. Contact Melloy Ford to find out more today and schedule a test drive.