Thanks to new guidelines under the IRS Section 179 tax code, many small businesses in New Hampshire that invest in new or used qualified equipment can now write off up to $1,080,000 of these purchases on their 2022 IRS tax returns. Usually, small businesses need to spread these deductions over several years. But now, with the tax benefits provided under IRS Section 179, many small businesses in the Exeter area can write off up to the entire purchase cost of one or more qualifying new or used Ford trucks or vans.
*Plus any remaining basis using MACRS method
**If you have questions, consult your tax professional for exact rules regarding Section 179 and vehicles.
Section 179 is the current IRS tax code that allows you to buy qualifying Ford vehicles and deduct up to the purchase price (including any amount financed) from your gross taxable income if purchased before December 31, 2022. Meaning if you buy a qualifying new or used Ford vehicle at McFarland Ford in Exeter, NH, you may be able to write off up to the FULL PURCHASE PRICE from your gross taxable income this year!
Trucks with a GVWR greater than 6,000 lbs. and a bed length of at least six feet (i.e., Ford F‑150/F‑250/F‑350) qualify for the maximum first-year depreciation deduction of up to the FULL PURCHASE PRICE. SUVs, including trucks, with a bed length of fewer than six feet and a GVWR greater than 6,000 lbs. (i.e., Ford F-150 SuperCrew 5.5 ft. bed, Explorer, Expedition) qualify for a maximum first-year depreciation deduction of up to the first $25,000 of the full purchase price plus 60% depreciation of any remaining balance.
The qualifying vehicle must be purchased and placed into service between January 1, 2022, and December 31, 2022. It must be used at least 50% for business, based on mileage, in the first year it is placed in service. So if you choose to use it for both personal and business use, the cost eligible for the deduction would be the percentage used for business. Please note that all businesses that purchase and/or finance less than $2,700,000 in business equipment during the tax year 2022 should qualify for the Section 179 deduction.
In addition to the significant tax savings opportunities above, you can also take advantage of current promotions*, plus any applicable Customer Cash offer. It really is an incredible time to buy a new or pre‑owned Ford truck or SUV at McFarland Ford in Exeter, NH.
Shop New Ford InventoryIf you're a small‑business owner in New Hampshire or Massachusetts looking to expand your commercial Ford fleet — ask the Ford specialist at McFarland Ford about how you can save by taking advantage of the Section 179 Tax Deduction. The Section 179 tax code is a way for small‑to‑medium-sized businesses to invest in themselves. With this auto tax incentive, you can write off the cost of vehicles used 50% of the time for business purposes. Your new or pre-owned Ford truck or cargo van must be put into service by December 31, 2022, to take advantage of the Section 179 deduction. The knowledgeable sales staff at McFarland Ford in Exeter, NH, has been assisting businesses to grow their Ford fleet in Exeter, Dover, Portsmouth, Derry, and beyond for over 60 years. To learn more, head to our Ford dealership near Kingston, NH, to find out how you can save on a commercial Ford vehicle for sale nearby.
In Exeter, NH 03833
