Holiday Gift for All Businesses: The Section 179 Tax Deduction Just Got a Huge Boost
Merry Christmas from the Forklift Boss! I have a gift to share with everyone today.
Last month we talked about the amount reductions for Section 179 in 2015. As of this week, those reductions are gone!
Section 179 Now Permanent at $500,000, not $25,000, for All 2015
Congress has enhanced and extended Section 179. The deduction limit is now permanently set at $500,000—far higher than the $25,000 we had before.
The Section 179 tax deduction will be retroactive to ALL equipment purchased or leased in 2015.
From now on, the amount will be indexed to inflation in $10,000 increments, as well.
This translates to a huge tax savings for everyone. If you bought any of the following this year, you can use the Section 179 deduction:
- Computer hardware or software
- Industrial Equipment (like our forklifts, rack & shelving)
- Office furniture and office equipment
- Vehicles used for business
Click here for the Deduction Calculator to see how much you’ve already saved.
You have almost 2 weeks left in the year (as of this post) to buy more equipment, if you need it!
Plus, the 50% bonus depreciation is extended through 2019. Though the amount allowed goes down to 40% in 2018, and 30% in 2019.
Taking a Moment to Appreciate
2015 has been quite a year for us at Cromer. We’re glad to have the opportunity to help so many of our customers build their businesses.
In 2015 we launched our ForkliftBoss.com ecommerce store, and expanded our territory farther across Northern California. In 2016 we plan to continue these expansions, with more partner deals and new products.
Since you’re reading this newsletter, you’re already in the front seat. You’ll know what deals we have coming before anyone else.
If you’re feeling generous, please forward this newsletter to a colleague who isn’t subscribed yet. Subscription is free and easy on Cromer.com (and ForkliftBoss.com).
Make sure to notify your CPA about the Section 179 tax changes. (Hopefully they already know, but just in case.)
We at Cromer hope you have a very Merry Christmas and a Happy New Year. See you in 2016!
Marshall Cromer, The Forklift Boss
Cromer Material Handling