NEW AND USED EQUIPMENT 2013 TAX SAVINGS

(Please speak with your business’ tax expert to see how Section 179 applies to your business.)

Don’t miss out on this Fall’s incredible IRS Tax Savings!

Some highlights of the 2013 tax benefits:

  • The allowable Section 179 deduction of $500,000 has been extended through 2013, by which the IRS allows a full deduction on the cost of new or used equipment placed in service by December 31, 2013 up to that amount
  • The provisions for 50% bonus depreciation on the cost of new equipment were also extended through December 31, 2013
  • You need to buy your equipment and place it in service in 2013 because under current tax law, in 2014 the Section 179 deduction will be reduced to $25,000 and bonus depreciation will no longer be available
    • See your potential 2013 tax savings by clicking the Section 179 Tax Deduction Calculator
    • Please keep in mind that to qualify for the Section 179 Deduction, the equipment listed below must be purchased and put into use between January 1, 2013 and December 31, 2013

1-      Equipment (machines, etc) purchased for business use

2-      Tangible personal property used in business

3-      Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (Section 179 Vehicle Deductions)

4-      Computers

5-      Computer “Off-the-Shelf” Software

6-      Office Furniture

7-      Office Equipment

8-      Property attached to your building that is not a structural component of the building (i.e.: a printing press, large manufacturing tools and equipment)

9-      Partial Business Use of at least 50% (equipment that is purchased for business use and personal use: generally, your deduction will be based on the percentage of time you use the equipment for business purposes)

 

Section 179 can change each year without notice (Section 179 has even changed mid-year), so it benefits you to take advantage of this generous tax code while it’s available.

 



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