Section 179 sounds like complicated tax law, but in reality, it’s a pretty simple deduction.
If you own a business in North Dakota, you should qualify for the Section 179 deduction. Most tangible goods -- including new Ford trucks and SUVs -- are eligible under Section 179.
In past tax law, businesses were only able to write off purchases over time, meaning a $50,000 deduction could be written off $10,000 a year over 5 years. Section 179 allows you to write off the entire vehicle purchase in the current tax year.
Rather than waiting to buy new vehicles for your business, you can purchase or lease a new truck or SUV now and write it off in your 2020 deductions. This works for businesses in need of one or two vehicles or those managing a new fleet, with a $1,000,000 cap on spending.
The major stipulation is that the SUVs or trucks purchased under Section 179 must be used at least 50% for business purposes in the first year it is in service. Personal daily drivers aren’t eligible.
Eide Ford finance director Jamie Jeter says it best, "Section 179 gives a terrific opportunity for our customers that own a business to purchase a new vehicle while getting some tax savings.”
No matter what industry you’re in, we’ve got the trucks and SUVs your business needs. In addition to the significant tax savings afforded by Section 179, you can also take advantage of current promotions
“Many of our customers visit us every year and we make a point to make the process as quick and easy as possible,” Jeter said. “If you need a new vehicle for your business and you want to save on taxes this is the time to do it."