Timing is everything! Consider Section 179 Tax Incentives for replacing your lift equipment?
If you need to replace your forklift or other lift equipment, consider Section 179 Tax Incentives to get more from your tax return this year. Section 179 is an IRS provision that allows businesses to deduct the full purchase price of qualifying equipment purchases in the year they are made—and it’s not just for trucks! Section 179 comes into play when it comes time to replace a piece of machinery that has become obsolete or broken down beyond repair. If you’re replacing your forklift, tractor trailer, skid steer loader and other lift equipment, here are some things you should consider:
Forklifts and other material handling equipment are business essentials.
Forklifts and other material handling equipment are business essentials. Without them, you would be unable to move materials around your facility or load and unload trucks at your loading dock. You cannot function effectively without forklifts or other lift equipment, so it is important that you maintain them properly and replace them if they become damaged or outdated.
Forklifts and other lift equipment are major investments for any business owner; therefore, it’s important to consider how long these tools will last before deciding whether they need replacement.
Many companies replace forklifts and other lift equipment every year.Replacing lift equipment is a common practice for many companies. The costs of doing so can be significant, however, and there may be other financial considerations to consider before deciding to replace your forklifts or other lifts. |
You may be able to deduct the full amount of equipment purchases this year.
If you’re in the market for new equipment, it’s important to consider Section 179 tax incentives. This deduction allows businesses to deduct the full purchase price of certain equipment and software purchases during the year in which they were bought. It’s a terrific way to get more from your tax return this year!
To qualify for Section 179, your business must be a corporation, partnership or LLC taxed as an S Corporation. If you have questions about whether your business qualifies for Section 179 deductions, then contact your tax specialist or check with our sales team as they are experienced with helping customers get the full advantages of this tax incentive.
If you need to replace your forklift or other lift equipment, consider Section 179 Tax Incentives to get more from your tax return this year.
Section 179 of the Internal Revenue Code is a tax incentive for business owners to buy equipment and other items used in their businesses. The deduction is available for new or used equipment, as well as software, purchased and put into use in your business, prior to December 31st, 2022. If you need to replace your forklift or other lift equipment, consider Section 179 Tax Incentives to get more from your tax return this year.
If you’re deciding whether to replace your forklift or other lift equipment, why not take full advantage of the section 179 Tax Incentives available to your business. This can help you save money on taxes by deducting the full amount of the purchase from your taxable income.
