Monday, October 26, 2015

2015 Year End Savings Potential for Business Owners and Operators

Year End Tax Savings Specials from Gresham Ford
Gresham Ford Fleet works hard to provide our customers with resources and tools to reduce their overall automotive expenses as much as possible.  

If you own or operate a business you need to speak with your Tax professional about Section 179 of the Tax Code and if you qualify for year end tax savings.  

Many of the Gresham Ford Fleet customers qualify and use the opportunity to purchase new Ford Commercial Vehicles to make their business run even better.  

You are probably asking "What is Section 179?"

Well Section 179 of the American Tax Code provides businesses an opportunity to deduct the full purchase price of equipment, like a new Ford Commercial Vehicle. The equipment purchased, financed or leased must be within the specified dollar limits of Section 179, and the equipment must be placed into service in the same tax year that the deduction is being taken.  Time is running out so call your tax professional today!  

Section 179 Eligible Commercial Ford Vehicles



Important Facts About Section 179





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 179 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.
This analysis applies only to vehicles placed in service in the United States after December 31, 2014, and by December 31,12015. See your tax professional for more details.On the purchase of a new vehicle, the maximum $25,000 tax deduction available under Section 179 contributes to the $200,000 total aggregate deduction limitation. SUVs over 6,000 lbs. GVWR will have a limit of $25,000 under the capital expenditures limit of Section 179, followed by normal depreciation under the Modified Accelerated Cost Recovery System (MACRS) method on the remaining basis, if any.

IRC Section 280F(d)(7)(B) requires that the limitation under IRC Section 280F(a)(1) be adjusted annually, based on the CPI 3automobile component for October of the preceding year. The IRS officially announced the Section 280F depreciation limits in Revenue Procedure 2015-19. The passenger automobile limitation is $3,160. The trucks/vans under 6,000 lbs. limitation is $3,460. The current maximum deduction available under Section 179 for passenger automobiles and for trucks/vans under 6,000 lbs. GVWR respectively, is $11,060. The expensing restrictions under Section 280F do not apply to vehicles that are considered to be “qualified non-personal use vehicles” (QNUVs). A QNUV is generally a vehicle that, by virtue of its nature or design, is not likely to be used more than a de minimis amount for personal purposes. For more information, see Income Tax Reg. Sec. 1.280F-6(c)(3)(iii), Income Tax Reg. Sec. 1.274-5T(k) and Revenue Ruling 86-97, and contact your tax advisor for details. Consult your tax advisor as to the proper tax treatment of all business-vehicle purchases.

When properly equipped. Class is Full-Size Pickups under 8,500 lbs. GVWR. EPA-estimated rating of 22 city/30 hwy/25 combined mpg, available 1.6L EcoBoost® I-4. Actual mileage will vary.5Class is Small Vans.6EPA-estimated ratings of 20 city/28 hwy/23 combined mpg. Actual mileage will vary.

7Vehicles are for representation purposes only. Vehicles shown may have optional equipment not included in payment. See dealer for complete details.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 179 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. This analysis applies only to vehicles placed in service in the United States after December 31, 2014, and by December 31,12015. See your tax professional for more details.On the purchase of a new vehicle, the maximum $25,000 tax deduction available under Section 179 contributes to the 2$200,000 total aggregate deduction limitation. SUVs over 6,000 lbs. GVWR will have a limit of $25,000 under the capital expenditures limit of Section 179, followed by normal depreciation under the Modified Accelerated Cost Recovery System (MACRS) method on the remaining basis, if any.

IRC Section 280F(d)(7)(B) requires that the limitation under IRC Section 280F(a)(1) be adjusted annually, based on the CPI 3automobile component for October of the preceding year. The IRS officially announced the Section 280F depreciation limits in Revenue Procedure 2015-19. The passenger automobile limitation is $3,160. The trucks/vans under 6,000 lbs. limitation is $3,460. The current maximum deduction available under Section 179 for passenger automobiles and for trucks/vans under 6,000 lbs. GVWR respectively, is $11,060. The expensing restrictions under Section 280F do not apply to vehicles that are considered to be “qualified non-personal use vehicles” (QNUVs). A QNUV is generally a vehicle that, by virtue of its nature or design, is not likely to be used more than a de minimis amount for personal purposes. For more information, see Income Tax Reg. Sec. 1.280F-6(c)(3)(iii), Income Tax Reg. Sec. 1.274-5T(k) and Revenue Ruling 86-97, and contact your tax advisor for details. Consult your tax advisor as to the proper tax treatment of all business-vehicle purchases.When properly equipped. Class is Full-Size Pickups under 8,500 lbs. GVWR.EPA-estimated rating of 22 city/30 hwy/25 combined mpg, available 1.6L EcoBoost® I-4. Actual mileage will vary.5Class is Small Vans.6EPA-estimated ratings of 20 city/28 hwy/23 combined mpg. Actual mileage will vary.7Vehicles are for representation purposes only. Vehicles shown may have optional equipment not included in payment. See dealer for complete details.