Friday, November 16, 2012

Attention Small Businesses...

2013 Ford Super Duty Trucks
Act now for year-end tax savings and hurry in because the offer ends December 31st.  Thank to IRS Section 179 of the IRS Tax code, many businesses that invest in new equipment will be able to write off up to 100% of these purchases on their 2012 IRS tax returns.  Normally, businesses spread these deductions over several years.  But now, the tax benefits provided under IRS Section 179 allow many businesses to write off qualifying new equipment in the first year it is placed into service.  Please see your tax professional for more information and in order to establish if taking advantage of Section 179 will compliment your tax strategy.

The qualifying vehicle must be purchased and placed into service between January 1st 2012 and December 31st 2012.  It must be used at least 50% for business, based on mileage, in the first year it is placed into service.  So if you choose to use it for both personal and business use, the cost eligible for deduction would be the percentage used for business.  Again, please see your tax professional for details.  We are car professionals not tax professionals and can not give tax advice.

Keep in mind that for 2013, all indications are that the Section 179 deduction limitation will be reduced to only $25,000 and any bonus depreciation deduction will be eliminated.  So the December 31st, 2012 deadline is approaching quickly.

The analysis above applies only to vehicles placed into service in the United States after December 31st 2011 and before January 1st 2013.  Please see your tax professional for details.  Gresham Ford Fleet is here to help you find the work truck that you need when you need it.  Call us today for a no obligation quote 503-665-0101.