Under 2018 Section 179 rules, first-year bonus depreciation has been expanded to include used equipment bought and placed in service after September 27, 2017. The first-year bonus deduction for all qualified equipment also increased from 50 percent to 100 percent of its cost.
Another provision of the new tax law increased the maximum depreciation deduction on section 179 property from $500,000 to $1 million and increased the cap on the equipment purchases from $2 million to $2.5 million. Those changes took effect December 31, 2017, according to the Internal Revenue Service. Under section 179, equipment purchases are treated as an expense and deducted from income.
Both section 179 and bonus depreciation allow 100 percent write-off of the cost of used equipment in the first year. Both also stipulate the equipment must be put into use in the year the purchaser takes the deduction.
But remember, in order to take advantage of these significant tax savings for 2018, you MUST acquire your equipment and PLACE IT INTO SERVICE by midnight December 31, 2018. Learn more about Section 179 at www.section179.org.
Now is the best time to save BIG in 2018 on a new forklift OR used forklift, aerial lift, sweeper, scrubber or commercial vehicle in New York City and Long Island areas. Give us a call for a quote today at 718-298-5270 NYC & Westchester 631-661-5050
I have been dealing with PMT for over a decade. This is a family run business and each family member is talented in each division of business and a pleasure to deal with. I have peace of mind knowing PMT will perform with dependability and be there when we need them. From forklifts to pallet jacks I highly recommend them.
Mark was very informative and easy to work with as well as Kathy. We had a big meeting at our office and they accommodated us for two separate certification classes on the same day. Paul was also fantastic, our guys truly appreciated coming out to the office.
PMT Forklifts is the best!!! Year after year they always pull through on our super complex project in Rockefeller Center. The staff is super helpful and very attentive to our needs. Thank you PMT!!!
Fantastic! Incredible service. Reached out to so many companies for quotes and PMT was the most attentive and provided a great product. Highly highly recommend!!
Found PMT Forklift to be very professional, courteous and knowledgeable. Russ was always available when needed. Five stars.
Dan Gettinger- M. Schwartz & Gettinger Feather, Inc. (Hauppauge, NY)
We purchaser a used unit that looks like new. Gabriel was a pleasure to work with and I would recommend calling him if your are in the market