Potential Year-End Tax Savings on Equipment
With Congress passing into law The Tax Cuts and Jobs Act, the deduction limit for Section 179 has increased to $1,000,000 for 2018. The limit on equipment purchases likewise has increased to $2.5 million. This allows businesses to deduct up to $1,000,000 of the cost of new and used equipment in 2018. Additionally, the bonus depreciation is 100% and is made retroactive to 9/27/2017 and good through 2022. The bonus depreciation also includes used equipment.
This information is supplied as a courtesy to equipment buyers and should not be construed as tax advice or as a promise of potential tax savings or reduced tax liability.
We strongly suggest you contact your own tax advisors to confirm how you may take advantage of this opportunity.
Many thanks to Jim Luce, president of LSKAir at 9 Gloria Lane, Fairfield, NJ 07007, and Able Equipment Rental at 1050 Grand Blvd., Deer Park, NY 11729 for information leading to this article.