If you buy a new Ford, you will get a big write-off!
Tax day will be here before you know it and according to the information on Section 179 for the 2015 tax year, if you purchase a new or used qualifying vehicle, you could deduct up to $25,000 on your 2015 tax return! Do you want to know how? For a general overview, keep reading! For more detailed information, visit the qualified financing website for Section 179.
Section 179 at a glance (updated for 2015 tax year):
2015 Deduction Limit = $25,000
Good on new and used equipment
Good for off-the-shelf software
This limit only applies to 2015
Equipment must be financed/purchased and put into service by the end of the day on December 31, 2015
2015 Spending Cap on Equipment Purchases = $200,000
$200,000 is the maximum amount that can be spent on equipment before the Section 179 deduction available to your company begins to be reduced on a dollar for dollar basis
This spending cap makes Section 179 a true “small business tax incentive”
Bonus Depreciation: not available in 2015
Previously available for new equipment only, not available at all for the 2015 tax year
This is a simplified view of the Section 179 deduction for 2015. For more in-depth details on limits, qualifying equipment, and Section 179 Qualified Financing, we urge you to read this website in its entirety. For any questions or concerns, please consult your tax advisor.