As the new year approaches, the time to use your business purchases for a deduction of up to 100 percent of the purchase price. To be eligible for a deduction from your Heber Springs business's 2024 taxes, the vehicle must be purchased and used before January 1st, 2025.
What Vehicles are Eligible for Section 179 Deductions?
Three categories of vehicles qualify for Section 179 deductions in Little Rock. The first is vehicles with a GVWR of over 6,000 pounds and clear commercial use. The next is vehicles with a GVWR of over 6,000 pounds, which are more commonly consumer vehicles. The third category is vehicles with a GVWR under 6,000 pounds.
Commercial Vehicles Over 6,000 Pounds
Vehicles in this category are eligible for a 100 percent deduction. This includes Ford Super Duty trucks and F-150 pickups with long beds. Cargo vans and passenger vans have seating for more than ten people. Chassis cabs and cutaway vans are also included for businesses in Mountain View.
Consumer Vehicles Over 6,000 Pounds
This category is eligible for deductions of up to $30,500, plus up to 60% of the purchase value and a standard depreciation deduction. Vehicles bought in Searcy in this category could include F-150 short-bed trucks, Ford Expeditions, Ford Explorers, and Ford Transit vans equipped to carry less than ten passengers.
Vehicles with a GVWR under 6,000 Pounds
This vehicle category is eligible for up to $20,400 in deductions under Section 179. There are many variables as to what vehicles qualify under this category for businesses in Morrilton.
Consult With Your Tax Advisor
Unfortunately, we cannot provide tax advice at Heartland Ford. If you have questions about a vehicle your business wants to buy, consult your tax advisor about Section 179 qualifications.
Visit Heartland Ford
At Heartland Ford, we are experts in helping businesses in Conway find the right vehicles for their needs. Contact us today to schedule a test drive to expand your fleet and cash in on Section 179 deductions.