Small Business Year End Tax Deduction


Small Business Year End Tax Deduction


WORKING HARD TO HELP YOU WORK SMART

Tough jobs require trucks that can take all the dirt and heat thrown at them - and then some. But while your truck must be built to work hard, that doesn't mean you have to work hard. That's why Ford engineers have gone to great lengths to make the current generation of the F-150 so easy to operate, whether you're inside the cab or working out of the pickup bed. F-Series offers a broad range of features.


TAKE ADVANTAGE OF THESE TAX DEDUCTIONS FOR YOUR SMALL BUSINESS WHEN YOU PURCHASE A NEW FORD VEHICLE BY DECEMBER 31, 2018. 


Talk to your Tax Professional now! See what tax deductions apply to your business to allow you to get the maximum tax benefits in 2018 for the purchase of a new vehicle for your business.




HURRY! YOU MUST ACT BY DECEMBER 31, 2018 TO GET YOUR DEDUCTION FOR THE 2018 TAX YEAR.


Q: WHAT IS IRS SECTION 168(K)?

A: Section 168(k) is the current IRS tax code that allows you to buy qualifying Ford vehicles and deduct up to the full purchase price (including any amount financed) from your gross taxable income if purchased before December 31, 2018. That means that if you buy a piece of qualifying equipment and products, you may be able to write off up to the FULL PURCHASE PRICE from your gross taxable income this year.

Q: DOES THE DATE OF MY PURCHASE HAVE AN IMPACT ON THE SECTION 168(k) DEDUCTION?

A: Yes. To qualify for the Section 168(k) tax deduction for the 2018 tax year, your Ford vehicle must be purchased or leased and placed into service by December 31, 2018.

Q: WHICH VEHICLES QUALIFY FOR THE MAXIMUM IRS TAX SAVINGS?

A: Trucks with a GVWR greater than 6,000 lbs. and a bed length of at least six feet (i.e., Ford F-150/F-150/F-350) qualify for the maximum first-year depreciation deduction of up to the FULL PURCHASE PRICE. SUVs, including trucks, with a GVWR greater than 6,000 lbs. (i.e., Ford F-150 SuperCrew® 51/2 ft. bed, Explorer, Expedition) qualify for a maximum first-year depreciation deduction of the full purchase price as well.

Q: WHAT ABOUT SMALLER TRUCKS/VANS/SUVS?

A: Vehicles of less than 6,000 lbs. GVWR (built on a truck chassis), such as the Transit Connect, may still qualify under current bonus depreciation for up to $18,000 per vehicle in the first year. Passenger automobiles under 6,000 lbs. GVWR also may qualify for up to $18,000 in depreciation.


2018 Ford Transit Connect


You may be able to deduct up to $18,000 off the purchase cost in the first year.2

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2018 Ford Transit Van & Wagon


You may be able to deduct up to 100% of the purchase cost in the first year.1

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2018 Ford F-150


You may be able to deduct up to 100% of the purchase cost in the first year.1

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2018 Ford Super Duty


You may be able to deduct up to 100% of the purchase cost in the first year.1

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Ford Edge, Escape, Explorer, Focus, Fusion, and Taurus


You may be able to deduct up to $18,000 off the purchase cost in the first year.2

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Please Note: This information is provided by your local Ford Dealership as a public service to you. It should not be construed in any way as tax advice or a promise of potential tax savings or reduced tax liability. Individual tax situations may vary. Federal rules and tax guidelines are subject to change. For more information about the Section 168(k) tax code and tax deductions, please contact your tax professional for complete rules applicable to your transactions and visit the Internal Revenue Service website at www.irs.gov.
1. This analysis applies only to vehicles placed in service in the United States after December 31, 2017, and by December 31, 2018. Under Bonus Depreciation in Section 168(k) of the Internal Revenue Code, companies may be eligible to fully expense the cost of trucks, vans and SUVs rated over 6,000 lbs. GVWR, when purchased for business use. Trucks and vans that are considered passenger vehicles, rated under 6,000 lbs. GVWR, are limited to $18,000 of depreciation in the year of purchase with normal MACRS depreciation on the remaining basis in the vehicle in subsequent years. A vehicle is not considered a passenger vehicle, and is thus not limited to the lower depreciation amounts, if it is considered a "qualified non-personal use vehicle." Qualified non-personal use vehicles are vehicles that, by virtue of their nature or design, are not likely to be used more than a de minimis amount for personal purposes. Examples of qualified non-personal use vehicles include 1) a vehicle that can seat nine-plus passengers behind the driver's seat, 2) a heavy non-SUV vehicle with a cargo area of at least six feet in interior length or 3) a vehicle with a fully enclosed driver's compartment/cargo area, no seating behind the driver's seat, and no body section protruding more than 30 inches ahead of the leading edge of the windshield. For more information, see IRC Section 280F(d)(7), Income Tax Regulation, Sec. 1.280F-6(c)(3), and Revenue Ruling 86-97 and consult your tax advisor for details. Consult your tax advisor as to the proper tax treatment of all business-vehicle purchases.
2. The Tax Cuts and Jobs Act set the amount of depreciation and expensing deduction for passenger automobiles, trucks and vans at $18,000 in the first year placed in service. Vehicles are for representation purposes only. Vehicles shown may have optional equipment not included in payment. See dealer for complete details.


Contact

Sturman & Larkin Ford Inc.

900 Regis Avenue
Directions Pittsburgh, PA 15236

  • Sales: 412-653-5800
  • Service: 412-653-5800
  • Parts: 412-653-5800

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Hours

  • Monday 9:00AM - 9:00PM
  • Tuesday 9:00AM - 9:00PM
  • Wednesday 9:00AM - 6:00PM
  • Thursday 9:00AM - 9:00PM
  • Friday 9:00AM - 6:00PM
  • Saturday 9:00AM - 5:00PM
  • Sunday Closed
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