Thanks to the Section 179 Tax Deduction, you can deduct 100% of the purchase price of equipment you purchase for your business. In order to capture this tax savings on 2018’s tax bill, you need to purchase by December 31st, 2018. Otherwise you risk changes in the tax code in 2019 that could potentially impact this deduction.
You can read more about these deductions and the related rules by visiting www.section179.org. Please be sure to consult your tax professional to ensure you qualify for any deductions.
According to Section 179, all equipment purchased for business use is completely, 100% tax deductible. This includes all vehicle and asset trackers sold by Rhino Fleet Tracking, so long as the trackers are used entirely for business purposes. The maximum allowable deduction on equipment for 2018 is $1,000,000. There is also a total equipment purchase limit of $2,500,000. You should consult a CPA or tax professional if you expect to exceed that limit.
Section179.org provides a deduction calculator which you can use to determine how much you can expect to deduct of your equipment purchases. That calculator can be found here: https://www.section179.org/section_179_calculator/
It should also be noted that purchased equipment qualifies for this deduction regardless of whether it was purchased new or used, and regardless of whether it was purchased outright or financed.
Want to grab those savings this year? We are open and ready to help you before the new year rolls in, so give us a call today at 800-293-0420!