Tax Laws Can Assist with the Purchase of a Used Bucket Truck

Applies to Equipment Purchased by December 31, 2012

COLONA, IL – September 1, 2012

I-80 Equipment, a leading provider of quality used bucket trucks and used digger derricks has launched a national awareness campaign to encourage businesses to take advantage of  the IRS Section 179 Small Business Tax –a provision of the Tax Code designed to encourage business investment in depreciable commercial equipment.

The plan focuses on bringing awareness to businesses by reminding them that the Section 179 Tax Code can help them offset the investment they make for heavy equipment this year. The campaign features a banner on the I-80 Equipment Website and a paragraph covering Section 179 information in all of their current email campaigns through the end of the year.

To encourage small businesses to take advantage of the Section 179 bonus depreciation, I-80 Equipment is offering free Nationwide Delivery and free airfare to our facility one-way.* Additionally,

Both the ‘Tax Relief Act of 2010′ as well as the ‘Jobs Act of 2010′ that passed in late 2010 affected Section 179 in a positive way for the 2012 tax year. Following are the highlights for the 2012 tax year:

  • 2012 Deduction Limit = $139,000
    Section 179 Deduction limit after adjustment for inflation has increased to $139,000 (maximum allowance would have been only $25,000 prior to the new legislation).
  • 2012 Limit on Capital Purchases = $560,000
    Section 179 Threshold for total of equipment that can be purchased has increased to $560,000 (threshold would have been only $200,000 prior to the new legislation)
  • 2012 Bonus Depreciation = 50%
    The new law allows 50% “Bonus Depreciation” on qualified assets placed in service during 2012
Please Note:

The Section 179 Deduction is available for most new and used capital equipment. Bonus Depreciation can be taken on new equipment only.

Section 179 is generally taken first, followed by Bonus Depreciation – unless the business has no taxable profit in 2012.

Also, many businesses are finding the Section 179 Qualified Tax write off to be a great option in 2012.

 

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