The PATH Act, which reinstated bonus depreciation, allows Sec. 179 expensing and more.
- The updated Section 179 expense provision allows up to $510,000, with a $2,030,000 cap on expenditures for new and used equipment purchases
- 50% bonus depreciation on new equipment purchases
Consider investing money in YOUR company and reducing your taxable income. The Section 179 expense allowance is something every business owner should know about since it’s the difference between a capital investment in your business and paying that money as taxes.
Most equipment purchased in the 2017 calendar year is eligible for tax deductions that substantially reduce the net cost of owning a machine. In addition to those savings, equipment bought and put into service this year can be eligible for 50% bonus depreciation.
If you’ve got the cash flow, think about augmenting your fleet. If you’re thinking of buying later, you could be skipping out on tens of thousands of dollars in tax savings – if not more. Put that money where it belongs: into your business that you’ve worked hard to establish. Don’t give it away but put it to work by investing in equipment for your business. We’ve got inventory that qualifies for these offers. Contact any of our three Chicagoland locations for more information.
And remember: This information should not be considered tax advice. Contact the IRS and your tax advisor for details. Equipment must be purchased and placed into service by 12/31/17.