The Tax Cuts and Job Acts of 2017 (AKA The Trump Tax Cuts) increased the Section 179 benefit for small businesses.
“Section 179 of the IRS Code was enacted to help small businesses by allowing them to take a depreciation deduction for certain assets (capital expenditures) in one year, rather than depreciating them over a longer period of time. Taking a deduction on an asset in its first year is called a ‘Section 179 deduction,'” according to The Balance SMB (citation).
Effective for tax years beginning January 1, 2018, businesses can immediately deduct up to $1 million for qualifying purchases of capital property, with a limit of $2.5 million. (citation).
The $1 million deduction was increased from $500,000, and according to the IRS website, “…applies to tangible personal property such as machinery and equipment purchased for use in a trade or business…”
Take advantage of these deductions and plan a purchase of a new JLG, SkyTrak, Princeton, or Polaris machine before the end of 2019. We are taking orders now. Call 951-256-2040