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Section 179 Explained

What Items Qualify for the Program?

Section 179 of the IRS Tax Code allows businesses to deduct the full price of a purchase of retail equipment or software in the current tax year, provided that it falls within the definitions of this article.

In other words, the state is encouraging investment in businesses, so if you buy new equipment or make your business better that qualifies under this article, you can deduct the total cost on your taxes for that tax year.

What It Covers?

This section 179, covers business supplies, improvements, upgrades and all property purchased or leased in the current fiscal year. With all types of businesses in mind, here is a list of those purchases that many businesses need to make that qualify for Section 179.

  • Certain improvements to existing non-residential buildings: roofing, fire suppression, alarms and security systems, and HVAC.
  • Equipment (machines, etc.) purchased for business use
  • Business Vehicles with a gross vehicle weight more than 6,000
  • Computers and “Off-the-Shelf” Software
  • Office Furniture and Equipment
  • Property attached to your building that is not a structural component of the building (e., a printing press, large manufacturing tools, and equipment)

Limitations

Here are some limitations to the Section 179 tax deduction:

  • Amount in dollars - In the most recent update in January 2019, the limit was set at $1 million.
  • To qualify for the Section 179 deduction, the equipment or improvements provided for your business must be made in that same tax year, that is, from January 1 through December 31 of that year.
  • What happens if a taxpayer invests in improvements and equipment more than 2 million dollars in goods contemplated in section 179, in the same fiscal year, will it cover the 2 million dollars? No, the limit for tax deduction is 1 million dollars, so that amount will be deducted from the total.
  • The amount allowed to deduct cannot exceed the total taxable income of the company in that tax year.

Using Section 179 for Commerial Roofing

If you need to make a repair, waterproof or even a complete re-roofing project, you can take advantage of this timely tax reform in Section 179 to make these improvements to your business roof. You could fix all these problems on your roof. Take advantage of this tax deduction to improve your business roof.

This is an excellent opportunity. If you are considering making a repair or improvement to your business roof, do not hesitate to contact us, we will gladly assist you and give you a free estimate.

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