Don’t miss out! Last Chance to Take Advantage of Section 179 in 2018!
As the end of the tax year creeps up on us, there is no better time to purchase your truck! The deduction limit for 2018 was raised to a full one million dollars ($1,000,000). This is a substantial deduction, and means businesses can deduct the full cost of equipment from their 2018 taxes, including medium-duty trucks like Hino and Fuso. This can really make a difference to your bottom line at the end of the year.
Normally, capital expenditures are depreciable assets. Section 179 allows your business to elect to treat the cost of qualifying purchases as an expense, rather than an asset. Your business’ tax situation is unique, so please consult your tax accountants or attorneys to determine how much tax savings, if any, Section 179 can provide.
To take advantage of these high Section 179 limits for 2018, the equipment must be purchased and put into service by midnight 12/31/2018. Use Form 4562 to claim your deduction.
Learn More about Section 179 and calculate your savings by visiting Section179.org