Get More Bang for Your Buck on Machine Tools & Equipment Purchases with Tax Reform
The end of the year is fast approaching. Don’t miss all the purchasing benefits on new and used machine tools and other equipment. Get started on the right foot by strengthening your business for 2019 and investing in more efficient machinery that can help boost productivity!
Did you know, businesses can now write off 100 percent of the cost of qualifying asset purchases for federal tax purposes through the use of bonus depreciation thanks to the Tax Cuts and Jobs Act passed at the end of 2017. Prior to tax reform, only 50 percent bonus depreciation was allowed and the remainder of the purchase was depreciated over the tax life of the asset.
Another piece of good news is that the tax reform greatly expanded the applicability of another asset write-off provision: Section 179. By using this deduction in combination with state tax treatment it may be even more beneficial than 100 percent bonus depreciation in certain situations. Be sure and consult with your tax consultant as to which expensing method will work best for your business.
Secure 2018 Benefits Now!
Your assets must be placed in service no later than December 31, 2018, in order for machinery and equipment to be deductible on 2018 calendar year taxpayer returns.
Many of our featured machine tool brands are aware of the fast turnaround this time of year and have quick delivery times for this exact reason. To meet this requirement before year’s end, make sure to contact us to place your orders as soon as possible!
Add-To the Benefit with Increased Efficiency
When combined with the tax benefits mentioned above, the improved efficiency your business will realize through faster, more accurate machine tools, will greatly compound the benefits. The cost benefit can be huge when you add up the value of more efficient production, less re-work, greater throughput and labor savings that today’s CNC machine tools and automated systems deliver.
Take advantage of Sec. 179 and tax reform benefits for your business, Contact us today to learn more and ask about quick-delivery machines that can be placed in service by the end of the year. We look forward to hearing from you!