Ford Section 179 Tax Deduction near Cleveland, OH

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Ford Section 179 Deduction

At Gillingham Ford, we want to help small- and medium-sized businesses secure the vehicles they need for their operations. That's where the Section 179 Tax Deduction can be so helpful. When you buy a new, used or Certified Pre-Owned Ford from our Ford dealership near Cleveland, it can qualify for the Section 179 tax savings. Learn about who qualifies for Section 179 and how to apply the purchase price of your vehicle when you file your taxes at the end of the year.

What Are the 2022 Section 179 Deduction Limits?

The 2022 Section 179 Deduction limits are as follows:

  • 2022 Deduction Limit: $1,080,0001 -- valid on new and used equipment (must be new to the buyer).
  • 2022 Spending Cap: $2,700,0001 -- the max amount that can be spent on equipment before the Section 179 Tax Deduction begins to reduce on a dollar-for-dollar basis.
  • 2022 Bonus Depreciation: 100%1 -- generally taken after the Spending Cap is reached, valid on new and used equipment.

Local businesses in Ohio can write off up to 100% of the purchase price for a new or used Ford purchased any time during the 2022 tax year. The Section 179 Tax Deductions for vehicles include:

  • Cars: $11,160 (including Bonus Depreciation)1
  • Trucks & Vans: $11,560 (including Bonus Depreciation)1
  • Certain SUVs between 6,000-14,000 pounds: $25,000 (including Bonus Depreciation)1

Which Ford Vehicles Does Section 179 Apply To?

Not every car will be eligible for Section 179 Tax Savings, but many Ford models are. When you buy a new Ford truck, car or SUV in Parma, you can ask our sales experts about which models can qualify for Section 179 tax savings for your business. Vehicles that qualify for full or partial deductions include: