Attention all Metal Roofing and Gutter Contractors !
As we close in on the last few months of 2017 it’s a good idea to take stock of your roll forming equipment or any equipment for that matter used to operate your business. It makes sense to evaluate the condition that your equipment is in and determine if it needs to be repaired, replaced, upgraded or if you simply require additional equipment to handle the work load.
In the case of roll forming equipment it is highly recommended that you carve out some time throughout the year for regular machine tune-ups to insure that your equipment is running properly and at peak performance. It is so important to keep the tools of your trade in optimum performing condition.
If you find that you need additional equipment the IRS offers some good news.
Over the past decade or so the IRS has offered tax relief for companies who invest in new equipment providing that the equipment is put into service in that calendar year.
The PATH Act of 2015 has made permanent the IRS Section 179 Tax Deduction on equipment that allows companies to write off the full cost (up to $500,000) of any equipment purchased before December 31st 2017.
Equipment purchases up to $500,000 can be fully written off in the 2017 tax year provided that…
- You have not purchased more than $2,000,000 worth of equipment in the current tax year
- The equipment purchased is placed into service during 2017
- The Section 179 Tax
Deduction does not put your company at a financial loss for the year.
So if you purchase a new portable roll forming machine before the end of the year you can save!
Please be sure to consult with your tax professional for details on the Section 179 Tax Code before making any purchases.
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