Tax Breaks
For Business Owners
The tax code permits business owners to write off up to 100% of the purchase price of a new Ford vehicle purchased by December 31 ,2024.
There are a few potential tax benefits available to business owners who lease or purchase a new vehicle in 2024. See below for more information.
In many cases, you may be entitled to immediately write off 100% of your purchase.*
"Work Vehicles" & SUVs
Eligible for 179 Expensing and/or Bonus Depreciation
Traditional Work Vehicles
Year 1: Write off up to 100% of the purchase price.
Eligible Ford Vehicles:
Chassis Cab
E-Series Cutaway
F-150 / F-250 / F-350 / F-450 (standard and long bed)
F-650
F-750
Super Duty
Transit
Transit CC-CA
E-Transit
Light Trucks & SUVs
Year 1: Write off up to $30,500, plus depreciation.
Eligible Ford Vehicles:
Expedition
F-150 (short bed)
Maverick
Ranger
Ford Lightning
Ford Lightning Pro
"Light" Vehicles
Eligible for Bonus Depreciation
Light SUVs and Cars
Year 1: Write off up to $20,400.
Eligible Ford Vehicles:
Bronco
Bronco Sport
Edge
Escape
Explorer
Mustang
Mustang Mach-E
EV Tax Credits
Business owners who purchase a qualifying EV by December 31, 2024 may be entitled to a $7,500 Commercial Clean Vehicle Tax Credit.
About Section 179
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About Bonus Depreciation
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About 280F and “Luxury Vehicles”
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About the EV Tax Credit
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Disclaimer
*The information provided above is for educational and informational purposes only and does not constitute legal or tax advice. Tax benefits associated with a vehicle lease or purchase are dependent on the taxpayer’s personal situation. Please consult your own advisor. This is not a guarantee by the dealer of any