With tax season upon us, if you are a business owner who uses trucks or vans for work a majority of the time, and bought a vehicle in 2023, be sure to fill out Section 179 on your federal taxes this year. This provision is tailored to work trucks and vans, the type you'd find here at Wild West Ford in Guymon, serving those in Elkhart, Stratford, Spearman and Gruver.
Whether you purchased a Ford F-150, Ford Super Duty Truck, or Ford Transit van, either new or used, Section 179 can apply and you can write off a significant portion of the purchase, which can help your business save and grow. This applies to those who used their truck or van for work more than 50 percent of the time, and when you meet guidelines such as weight restrictions from 6,000 to 14,000 pounds, along with only using this in the first year of your purchase, and for that year, not combining it with the standard mileage deduction.
We can guide you through it and discuss the different vehicles that apply, be it a work truck, heavy-duty truck, custom truck for various industries, cargo vans with no rear passengers, or passenger vans that must seat nine or more. We can also tell you want it isn't (for the likes of Uber, Lyft or DoorDash - those are a different tax code).
We want you to maximize tax incentives and savings, and are happy to provide more details when you visit us at Wild West Ford. We can highlight our new Ford selection and help you find the right tax deductions for your vehicle this coming tax season, and beyond.
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