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West Michigan Business Owners: Order Commercial Vehicles Now for Section 179

October 8th, 2018

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Deduct up to $1,000,000 in 2018 Equipment Purchases

This time of year, many business owners throughout West Michigan will be meeting with their accountants to discuss 2018 taxes. In some cases, they find some money left on the table in their Section 179 deductions. When this happens, many will come to Borgman Ford Commercial to expand their fleet and make sure their 2018 deductions are fully-utilized.

What Is The Section 179 Deduction?

Section 179 is a part of the IRS Tax Code that allows businesses to deduct the full purchase price of equipment from their taxes, as long as that equipment is purchased and put into service during that tax year. This deduction was added to help small to medium-sized business grow, better-serve their clients, and stimulate the economy. For more information, talk to your accountant, tax preparer, or visit IRS.gov.

Can I Use Section 179 For Work Trucks & Vans?

Yes you can, but just take note of a couple of things: For 2018, the deduction limit is $1,000,000, and the vehicle must be ready for work and in your motor pool by December 31st, 2018. The business must be the owner of the vehicle, and there are limits and guidelines regarding personal use.

Do I Have To “Pay In Cash” To Get The Deduction?

Nope. Actually, it can be more profitable to lease or finance your new commercial vehicle because the amount you deduct will almost always be more than your cash outlay for the year.

What is the Best Source of Information About Section 179?

There is a wealth of information on the IRS website including articles and downloads of all the forms you need. However, the best people to talk to are your accountant and your tax professional, as they’ll know how all of this applies specifically to your business’s finances.

Ready To Add Ford Work Trucks & Vans To Your Fleet?

Remember, many other businesses in West Michigan are going to be reviewing their deductions as well, so beating the 4th Quarter rush is key!

To get started, check our Ford Commercial Inventory, our job-ready Work Truck Inventory, or visit the Borgman Ford Commercial Vehicle Center to explore your options with our highly-knowledgeable staff.

Call Scott Gibbons (616) 706-3205, Tod Tobin (616) 710-2209, or Contact Us by email today!


 

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