When you run a business, dealing with taxes can be a huge hassle. Sometimes, it can feel like you're spending more money on taxes than on actual business expenses! When you buy a Ford truck, however, you have the potential to get a tax savings opportunity for your Manassas business. Read on to learn more.

What's the Process?

The IRS is constantly changing their Tax Code, evolving with the needs of businesses around the country. Detailed under Section 168(k) of this Tax Code, businesses that invest in heavy equipment, including many new Ford vehicles, have the ability to deduct the entire purchase cost of that equipment. You read that right: the entire purchase cost of your new Ford truck can be deducted from your IRS tax returns.

What Ford Vehicles Qualify?

According to the IRS, businesses that purchase a truck, van, or SUV with a GVWR rated over 6,000 pounds may be eligible to cover the full purchase cost of that truck. Any vehicle under a GVWR of 6,000 pounds is considered a passenger vehicle and would be limited to only $18,100 of depreciation within the purchase year.

The following vehicles made by Ford may qualify for a full purchase cost deduction from your Ashburn business' taxes:

  • Ford Transit
  • Ford E-Series
  • Ford F-150
  • Ford F-250
  • Ford F-350
  • Ford F-450
  • Ford F-550
  • Ford F-600
  • Ford F-650
  • Ford F-750

While this list is comprised of most of the trucks that Ford produces, it's best to check with your tax professional or the IRS to make sure that the truck you are purchasing can have its full price deducted from your taxes for your Gainesville business.

What's My Next Move?

Ready to make the next move for your business in Alexandria? Don't wait! Vehicles must be purchased before the end of 2020 to be considered eligible for their full price to be deducted from your taxes. Start your financing application right now on our website and then come visit our lot. Your Bethesda business will benefit from a new Ford!

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