Forklift Tax Deductions Still in Play, But Time is Running Out

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Under 2018 Section 179 rules, first-year bonus depreciation has been expanded to include used equipment bought and placed in service after September 27, 2017. The first-year bonus deduction for all qualified equipment also increased from 50 percent to 100 percent of its cost.

Another provision of the new tax law increased the maximum depreciation deduction on section 179 property from $500,000 to $1 million and increased the cap on the equipment purchases from $2 million to $2.5 million. Those changes took effect December 31, 2017, according to the Internal Revenue Service. Under section 179, equipment purchases are treated as an expense and deducted from income.

Both section 179 and bonus depreciation allow 100 percent write-off of the cost of used equipment in the first year. Both also stipulate the equipment must be put into use in the year the purchaser takes the deduction.

But remember, in order to take advantage of these significant tax savings for 2018, you MUST acquire your equipment and PLACE IT INTO SERVICE by midnight December 31, 2018. Learn more about Section 179 at www.section179.org.

Now is the best time to save BIG in 2018 on a new forklift , aerial lift, sweeper, scrubber or commercial vehicle from Cal-Lift Inc. Give us a call for a quote today at 800-322-LIFT.

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Section 179 Improved for 2018

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With the passage and signing into law of H.R.1, aka, The Tax Cuts and Jobs Act, the deduction limit for Section 179 increases to $1,000,000 for 2018 and beyond. The limit on equipment purchases likewise has increased to $2.5 million.

Further, the bonus depreciation is 100% and is made retroactive to 9/27/2017 and good through 2022. The bonus depreciation also now includes used equipment.

See the fully updated 2018 Section 179 Calculator to see how this tax deduction affects your company.

2017 Section 179 Tax Information (Last Year)

The Section 179 deduction is $500,000 for 2017, with a 50% bonus depreciation in place until late September (see 2018 information for change).

Click Here for the fully updated Section 179 Calculator for tax year 2017 (Last Year).

Answers to the Three Most Common Section 179 Questions

How Much Can I Save on My Taxes in 2018?
It depends on the amount of qualifying equipment and software that you purchase and put into use. See the handy Section 179 Calculator that’s fully updated for 2018, and includes any/all increases from any future legislation.

What Sort of Equipment Qualifies in 2018?
Most tangible business equipment qualifies. Click here for qualifying property.

When Do I Have to Do This By?
Section 179 for 2018 expires midnight, 12/31/2018. If you wish to deduct the full price of your equipment from your 2018 taxes and take advantage of the new higher deduction limits, it must be purchased and put into service by then.

Many businesses are finding Section 179 Qualified Financing to be an attractive option in 2018, especially since the expected Federal Discount Rate increases don’t leave much time for action. Please apply today.

More Section 179 Deduction Questions Answered

Welcome to Section179.Org, your definitive resource for all things Section 179. We’ve brought together a large amount of information regarding Section 179, and clearly and honestly discuss the various aspects of IRS §179 in plain language. This will allow you to make the best possible financial decisions for your company.

Section 179 can be extremely profitable to you, so it is to your benefit to learn as much as possible. To begin, you may have a lot of questions regarding Section 179 such as:

Check out our line-up of new forklifts or used forklifts, then contact us at 800-322-5438 for more information or a quote.