If you are an Oregon Business Owner, please contact your Tax Specialist to see if you qualify for the Federal Section 179 tax deduction. This deduction allows Business Owners to deduct the full purchase or financed price of qualified equipment (like commercial vehicles) for the 2018 tax year. That means that you can deduct the full purchase or financed amount from your gross income.
Section 179 makes the Commercial Vehicle Center at Gresham Ford very busy this time of year. This is the perfect time of the year to check with your Tax Consultant and expand, update and refresh your business vehicles. No matter if you have 1 or 10 Section 179 helps to stimulate our local economy and give business owners a much needed opportunity to better your business.
What Cars and Trucks Qualify for the full Section 179 Deduction?
Please consult your Tax Specialist for the most up to date restrictions and qualifications. We have done our best to summarize the current guidelines to the best of our understanding below. The rules for Section 179 vehicle deductions are always evolving, and can be complicated.
Section 179 is intended for commercial vehicle use not for residential personal usage. That means that the vehicles that qualify for this federal deduction include vehicles that follow these guidelines:.
- Hotel and Airport Shuttles, School Buses, Care Facility Transport Vehicles, etc.
- Pick Up trucks must have at least a 6 foot bed in order to qualify and exceed 6,000 GVWR
- Vehicles with a fully-enclosed driver’s area and separate cargo area. Delivery vehicles, florist vans, plumbing vehicles, HVAC commercial vehicles, etc.
- Vehicles without seating at all behind the driver’s seat but do include a permanently designated cargo area.
- Commercially converted vehicles like dump trucks, landscape vehicles, flat bed trucks, cab and chassis vehicles with bins and lift gates.
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