Hurry In For Tax Incentives Before They Are Gone

As 2013 winds down, it's time to start figuring out what tax breaks you can take advantage of on the fleet vehicles you put into service this year.

When you purchase or lease vehicles for your business that you place in service in the 2012 calendar year, you could earn a tax deduction of up to $139,000 under Internal Revenue code Section 179.

 You may also be able to take an additional first year special depreciation allowance on certain vehicle purchases as well.

 As you should already know, Section 179 deductions are available for most new and used capital equipment. For the 2012 tax year, the deduction limit under Internal Revenue code Section 179 is $139,000, but to get the full benefit you would place in service no more than $560,000 of "Section 179 property" during the year. (If you spend more than $560,000 there is a dollar-for-dollar reduction in the amount you may take in the deduction.)

The Fords that qualify are:

Explorer

Expedition

F-Series Trucks

Econoline Vans