Buying equipment next year? Thinking about Tax Season Yet? You Should!

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Buying equipment next year? Thinking about Tax Season Yet? You Should!

December 6, 2018

Before we know it, the New Year will be upon us!

Don’t miss out on important tax savings for 2018: IRS Section 179 enables businesses who acquire equipment to write-off up to $1,000,000 per year. The amount you save in taxes can actually exceed the payments you make during this taxable year.

See below for an example of what Section 179 can do for your financing project.Contact your tax advisor for specific impact to your business. Be sure to contact Trowel Trades for your equipment financing needs!

For example you could buy two (2) Hydro Mobile M-SERIES mast climbing work platforms and thirty two (32) M & P series towers from Trowel Trades for about $100,000 and save up to $28,000 in 2018 tax benefit for your company.

What is Section 179?

Business owners who acquire equipment for their business, whether it’s machinery, computers, software or other tangible goods, may elect an enhanced deduction in a single tax year rather than a little at a time over several years. This deduction is known by its section in the tax code, a Section 179 deduction.

Under Section 179, businesses that spend less than $2,500,000 a year on qualified equipment may write-off up to $1,000,000.

How is Section 179 Profitable?

By purchasing your equipment from Trowel Trades, your company can actually earn a profit from your Section 179 Tax Deduction. Your company may be able to deduct the full purchase price of the equipment for the current year’s taxes, but only pay a fraction of the cost with monthly payments. The amount you save on taxes can actually exceed the payments you make during the taxable year. Don’t spend your hard-earned cash on equipment that depreciates in market value! Invest your cash in the growth of your company and earn returns that exceed the cost of financing.

Tax Code 179 & Election to Expense Detail:

The election, which is made on Form 4562, is for the tax year the property was placed in service or an amended return filed within the time prescribed by law. The total cost of property that may be expensed for any tax year cannot exceed the total amount of taxable income during the tax year. Section 179 property is property acquired for use in the active conduct of your business. To ensure property qualifies, reference Publication 946.

Trowel Trades inc.

Trowel Trades Inc specializes in equipment rental, tool retail, and repair services for the construction industry. Trowel Trades is a niche supplier of Masonry and Concrete tools and equipment as well as many other general construction tools. Trowel Trades is the Georgia Hydro Mobile Mast Climber dealer and we have a full compliment of conventional scaffolding and accessories. We stock job crucial items such as, Mortar Mixers, Concrete Mixers, Cut Off Saws, Block and Brick Saws, Grout Delivery Systems, Trash Chutes, Material Handlers, Power Trowels and more. If you can't get away from the job to pick up what you need we can ship it to your location. If we don't have it we can get it, and if we can't get it we will find you who can!

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