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Under Bonus Depreciation in Section 168(k) of the Internal Revenue Code, businesses may be eligible to fully expense the cost of new Ford trucks, vans and SUVs rated over 6,000-lbs. GVWR.1 Otherwise, any Ford trucks and vans that are considered passenger vehicles, rated under 6,000-lbs. GVWR, are limited to $18,100 of depreciation in the year of purchase, with additional depreciation in subsequent years.1 See Ford vehicle tax examples in the grid below.
For the 2019 tax year, the qualifying vehicle must be purchased and placed into service between January 1, 2019, and December 31, 2019.
The qualifying vehicle must be purchased and placed into service between January 1, 2019, and December 31, 2019. It must be used at least 50 percent 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.
In addition to the potential tax savings opportunities above, you could also take advantage of any current incentives you would normally qualify for. As a small business owner, it really is an incredible time to buy.
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