Section 179 Increased to One Million for 2018. Now is the time to upgrade!
If you are thinking of investing in new commercial laundry equipment, do not delay! You can save hundreds of thousands of dollars if you buy and put machinery into use before December 31, 2018.
Section 179 of the IRS 2018 tax code allows U.S. businesses to deduct the full purchase price of qualifying equipment during the tax year. That means that if you buy qualifying equipment and put it in service this year, you can deduct the FULL PURCHASE PRICE from your gross income. In past years, you would have to depreciate an asset over a multi-year period.
Bonus Depreciation is at 100%
The 2018 tax law also increases the bonus depreciation percentage from 50% to 100% for laundry equipment placed in service before the end of the year. When applying these provisions, Section 179 is generally taken first, followed by Bonus Depreciation. Please speak with your tax advisor to learn more.
Get added peace of mind with Rate Guard
When you purchase Electrolux or Wascomat commercial laundry equipment, you can lock in your rate with Rate Guard – only available from Laundrylux Funding Services. It provides the lowest rates available and locks it in, giving you peace of mind and more money in your pocket. Not only that, you can get approved in less than 24 hours.
If you want an idea on what you can save, try the calculator on www.section179.org – you will be amazed at the estimated results.
- For example, using the 2018 Section 179 Tax Deduction on $400,000 worth of equipment and other qualifying business equipment it shows a cash savings of $140,000! In this example, the $400,000 in equipment purchased has a true cost of $260,000.
- It’s worth it even on smaller purchases. For example, it calculates that $75,000 in equipment purchased has a true cost of $48,750 – saving $26,250.
The deadline is December 31, 2018
You must act quickly. In order to qualify for a Section 179 deduction, equipment must be purchased or financed and placed into service within the 2018 tax year – by 12/31/18.
Be sure to consult with your CPA or tax professional to find out if you qualify for Section 179, and if it could help your business save money.