There’s Still Time to Take Advantage of Section 179 Tax Benefits
You can save big and then some when you buy from Elite Construction and apply your purchase towards your Section 179 deduction.
Section 179 of the IRS Code was enacted to help small businesses get the most from their capital expenditures. It specifically allows a business to take a depreciation deduction for certain assets in one year.
There is a clear benefit for construction companies to be able to take the full deduction for the cost of a piece of equipment immediately rather than spreading out the deduction over time.
What qualifies? According to The Balanced SMB, The IRS has two general requirements:
- The property (called “qualified property”) must be “tangible, depreciable, personal property which is acquired for use in the active conduct of a trade or business.” Vehicles, and (starting in 2018) land and buildings are included.
- The property must be purchased and put into service in the year in which you claim the deduction. Putting an asset into service means that you have it set up and working and you are using it in your business. (citation)
Of course, machinery, equipment, and business vehicles over 6,000 lbs may qualify as business property purchases.
Right now, you can purchase JLG, Skytrak, Genie, Hyster, and other brands at Elite Construction, allowing you to take full advantage of the Section 179 code.
Contact us today at 562-924-0444