🎅🏽📰Santa's got great news for business owners, compliments of Uncle Sam. 🇺🇸💲 There's still one month left for business & rental property owners to take advantage of the new tax law passed this year and reap the benefits for this upcoming tax season. 💰 Contact us today for your free quote. Details below!
Section 179 Tax Deduction for Roof Replacements:
Businesses can now deduct the full cost of a roof replacement in the year it’s completed instead of depreciating over 39 years using the Section 179 tax deduction.
Great news for re-roofing projects in 2018! The Tax Cuts and Jobs Act approved by Congress in December 2017 includes a provision that reduces the overall cost associated with re-roofing projects and significantly improves the cost-effectiveness of commercial roof replacements that comply with building energy codes.
This is important news for several reasons;
Allows businesses to deduct depreciable business equipment – including the cost of re-roofing projects – as an immediate write-off against that year’s earnings, up to the full replacement cost.
Permits businesses to deduct the full cost of their roof replacement in the year completed instead of depreciating over 39 years, as was required under previous law.
Shortens the average payback period on the cost of installing code-required insulation by 3.5 years: from 11.6 years to 8.1 years, a 21% net savings for C-Corps and 35% for most profitable S-Corps and LLC’s.
Raises maximum amount a business may expense up to $1 million and increases phase-out threshold to $2.5 million.
Following is more information about Section 179 and the provision to add commercial roofs as qualifying property as of Jan. 1, 2018. This information can help you determine if you may be eligible for this preferential tax treatment for improvements to your roof.
About Section 179
Section 179 allows taxpayers to immediately expense the cost of qualifying property rather than recovering such costs over multiple years through depreciation. (More info available). #calltoday#freequote#904#duval#dtwd#jaxbeach#atlanticbeach#entrepreneur#igersjax#roofersofinstagram#boldworld