The Time is Now to Invest in New Machinery!

 

Now moldmakers can have even more reason to buy new equipment before the end of 2013—courtesy of the American Taxpayer Relief Act of 2012. Since the allowable Section 179 deduction is expected to be reduced to $25,000 in 2014 and Bonus Depreciation is scheduled to expire, why not take the opportunity to invest in additional equipment for your shop before year’s end.

Here are some takeaways of these tax benefits, courtesy of US Bank:

• The allowable Section 179 deduction has been increased to $500,000 on the cost of new and used equipment purchased through 12/31/2013;

• Allows a 50 percent bonus depreciation of the cost of new equipment [under certain conditions] through 12/31/2013.