Does the Ford F-150 qualify for Section 179 in Colorado for 2024?

Question
21

Matthew said:
If you’re in Colorado, the rules are pretty much the same as the federal ones. No surprises there. Just make sure to check with a tax pro to be safe.

Yeah, that’s true. I’m in Colorado, and my accountant said there are no extra hoops to jump through. Just follow the IRS rules.

22

To take the deduction, you need to file IRS Form 4562. Anyone done that before? Is it hard?

23

PeterSmallOnFord said:
To take the deduction, you need to file IRS Form 4562. Anyone done that before? Is it hard?

It’s not too bad. You just have to report the cost of the vehicle and how much you use it for business. Definitely doable, but I had a tax pro help me just to be sure.

24

@Addison
I’ll probably do the same. Taxes are not my strong suit lol.

25

Besides the tax benefits, the F-150 is just a great business truck. It’s tough, reliable, and the payload capacity is perfect for hauling heavy equipment.

26

Robert said:
Besides the tax benefits, the F-150 is just a great business truck. It’s tough, reliable, and the payload capacity is perfect for hauling heavy equipment.

Yeah, I’ve had mine for years, and it hasn’t let me down. Plus, the fuel efficiency isn’t bad if you go with the hybrid model.

27

@Mikayla
Agreed. The hybrid really makes a difference when you’re on the road a lot. Less time at the pump means more time getting stuff done!

28

Robert said:
Besides the tax benefits, the F-150 is just a great business truck. It’s tough, reliable, and the payload capacity is perfect for hauling heavy equipment.

How’s the towing on the F-150? I need something that can haul pretty heavy loads for work.

29

@Riley
It’s one of the best in its class for towing. You won’t have any issues pulling a trailer or heavy equipment.

30

Robert said:
@Riley
It’s one of the best in its class for towing. You won’t have any issues pulling a trailer or heavy equipment.

Good to know! I’m looking at the Lariat trim. Seems like it would suit my needs.

31

@Riley
Lariat’s a solid choice! You’ll be happy with it.

32

Just a heads up, if you don’t sync your truck’s usage with your business records, you could miss out on the deduction. I had that issue last year, and my accountant had to fix it.

33

Shiloh said:
Just a heads up, if you don’t sync your truck’s usage with your business records, you could miss out on the deduction. I had that issue last year, and my accountant had to fix it.

What do you mean by syncing? Like tracking mileage and stuff?

34

@Uriel
Yeah, exactly. You need to keep track of how much you’re using it for business vs. personal stuff. There are apps that can help you with that.

35

Shiloh said:
@Uriel
Yeah, exactly. You need to keep track of how much you’re using it for business vs. personal stuff. There are apps that can help you with that.

Cool, thanks! I’ll definitely check out one of those apps.

36

If you’re thinking of getting a truck for business, the F-150 is a great investment. With Section 179, you’ll get a tax break and a super reliable vehicle.

37

Natasha said:
If you’re thinking of getting a truck for business, the F-150 is a great investment. With Section 179, you’ll get a tax break and a super reliable vehicle.

I’m sold. Time to visit the dealership!

38

@Riley
Haha, good luck! Make sure to get it before the end of the year to claim it on your 2024 taxes.