Section 179 Tax Savings for Work Vehicles

Take Advantage of the Section 179 Tax Savings for Work Vehicles

Have you been thinking about buying a new truck, van, or SUV for your business in Phillipsburg, NJ, or Bedminster, NJ? If so, you'll want to take advantage of the money-saving Section 179 tax deduction at Fred Beans Ford of Washington. Not only does this help you find the right new Ford commercial truck or van near Hackettstown, NJ, but it also allows you to spend less on the new vehicle your business needs. Whether you already know which work van would be right for your business or you've just begun to hunt for your next commercial truck, van, or SUV, our team would love to help you save as much money as possible along the way.

What Qualifies for the Section 179 Tax Deduction?

The Section 179 tax deduction does have qualifications and limitations included. Not only does the vehicle (or asset) be used for business purposes more than 50 percent of the time, but it also must be financed, bought, or leased and put into service within the current tax year in order to qualify.

Here are just a few of the many examples of what a qualifying asset may look like.

• Qualifying Assets - Tangible personal property that's used for business purposes, such as vehicles, equipment, machinery, and more.
• Qualifying Businesses - As long as you're using your vehicle for business, you should qualify. Some examples of qualifying businesses include: delivery services, real estate, healthcare, agriculture, construction, landscaping, retail services, electricians, plumbers, and more.

You'll also find yearly limitations. The 2025 Section 179 tax deduction limitations are:

• Deduction Limit - Currently set for 2025, the deduction limit is $1,250,000. This is the amount that businesses can deduct up to for this year.
• Spending Cap - The phase-out threshold for 2025 is $3,130,000. When you reach this cap, you'll see a reduced deduction limit.
• Bonus Depreciation - A 40 percent bonus depreciation is available for 2025. Available on brand-new equipment, this bonus depreciation varies by tax year and helps you save even more.

Talk to Our Fred Beans Ford of Washington Team to Learn More About the Section 179 Tax Deduction

If you'd like to learn more about us or about the Section 179 tax deduction, don't hesitate to contact our Fred Beans Ford of Washington dealership. We'd love to help you discover the many ways you could save on your business's vehicle purchases. We also have our Fred Beans ExpressWay online shopping tool and an online finance application that are available from any Clinton, NJ, Easton, PA, and beyond home. Use these online resources or stop by our Washington, NJ, showroom today.