Be sure to contact your accountant to see if your business will benefit from section 179 this year. If your accountant is not aware of the existence of Section 179, you need a new accountant….. just kidding! You can show your accountant this web-page or go to www.section179.org to learn more.
Jan 4, 2019 – Section 179 is one million dollars for 2019, as stated in H.R.1, aka, The Tax Cuts and Jobs Act. The deduction limit for Section 179 is $1,000,000 for 2019 and beyond, while the limit on equipment purchases remains at $2.5 million.
Further, the bonus depreciation is 100% and has been made retroactive to 9/27/2017. It is good through 2022. The bonus depreciation also now includes used equipment.
See fully updated 2019 Section 179 Calculator to see how this tax deduction affects your company.
News Alert: See the IRS Fact Sheet issued for Section 179
The IRS released Fact sheet FS-2018-9 provides info on Section 179 deductions including temporary 100 percent bonus depreciation, changes to depreciation limitations on vehicles used for business, new treatment of farm equipment, and the recovery period for real property. Read the new IRS Fact sheet here: New Rules and Limitations for Depreciation and Expensing under the Tax Cuts and Jobs Act.
A Ram Work Truck is generally considered Section 179 property for U.S. Federal Income Tax purposes. This means a taxpayer may elect to treat the cost of any Section 179 property as an expense and allowed as a deduction for the taxable year in which the property is acquired and placed in service. A qualifying business may expense up to $1,020,000 of Section 179 property during 2019.
Contact us today to purchase your Ram Work Trucks before December 31st.
Click the Contact us button on the top of this website and fill out some basic information. A salesman will contact you as soon as possible. Or call us at 1-855-829-1269.
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