Here at Hoffman Ford, we have a dedicated team of experts who can pair you with the right vehicle for your growing business. Our Ford dealership near Glastonbury is proud to offer the Section 179 tax deduction -- a tax code that was implemented by the U.S. government to help small- to medium-sized businesses invest in themselves.
If you buy an eligible vehicle and put it into service by end of day on December 31, 2023, you’ll be able to write off up to the full price of your car, truck, van or SUV. This tax incentive also applies to select pre-owned vehicles as well, giving you even more savings on a work truck or commercial van that’ll help your business grow!
Eligible Vehicles for Section 179
Shop our used cars or buy a new Ford in East Hartford and discover if you qualify for Section 179 tax savings. Some vehicles that qualify for Section 179 include cargo vans with no seating behind the driver’s seat, as well as passenger vans that can seat nine or more passengers behind the driver. Ford trucks and SUVs can be eligible for the Section 179 tax deduction so long as they're used for business more than 50% of the time.
A few of the new, used and Certified Pre-Owned Ford models that may be eligible for the Section 179 tax code include:
- Ford F-150
- Ford Super Duty®
- Ford Explorer
- Ford Expedition
- Ford Transit
- Ford Transit Connect
How Does Section 179 Work?
If you purchase a qualifying vehicle during the 2023 tax year and place it into service by the end of the year, you’ll be able to take full advantage of Section 179 and write off up to the entire purchase price of your vehicle. Please note that if the vehicle is not used for business purposes 100% of the time, the amount you can deduct will be affected.
If you’d like more details on Section 179 financing and tax-eligible vehicles, contact Hoffman Ford.
Section 179 Deduction Limits for 2023
- 2023 Deduction Limit: $1,160,0001 -- valid on new and used equipment (must be new to the buyer).1
- 2023 Bonus Depreciation: 80% -- valid on new and used equipment (must be new to the buyer).1
- Passenger Vehicle Eligibility: Pickups or heavy SUVs weighing between 6,000 and 14,000
pounds are among vehicles that may be eligible for a maximum first-year deduction of up to $28,900 in 2023. Many other passenger vehicles may also qualify a partial deduction if used for business purposes at least 50% of the time.1
Claim Ford Section 179 Tax Savings in Connecticut
Our Connecticut Ford dealership offers you various ways to claim the Section 179 deduction on your favorite new Ford SUV or used truck. Have additional Section 179 questions? Give us a call or stop by our East Hartford Ford dealer to meet with our team today!
1Information accurate at time of publishing. See dealer for details.