Tax Credits Set to Expire May Benefit Cleaning/Building Professionals
Tucked away in the current tax code is a significant savings building service contractors and facility managers should know about and take advantage of, according to Michael Schaffer, a senior executive with Tacony's Commercial Floor Care division and president of Tornado IndustriesÂ® and CFRÂ®.
According to Schaffer, those considering investing in new cleaning equipment and machinery for their businesses or facilities may be able to take advantage of special tax savings under Section 179 that was part of the Economic Stimulus Act.
The regulations stipulate that businesses that purchase qualifying products in 2012 and place them into service no later than Dec. 31, 2012, are eligible to receive special depreciation write-offs under Section 179 Rules.
"Waiting until 2013 to make these purchases may result in a significant loss in the write-off amount," says Schaffer. "View this as a "gift" from the government and one almost any business can really benefit from.
Schaffer adds that end users should consult with their tax advisors to learn more specifics about the tax savings and determine how they can take advantage of them.
Don’t Delay Capital Goods or Equipment Purchases
For an overview and illustrations of the advantages for manufacturers in Section 179 of the IRS Tax Code, visit www.section179.org or see the recap provided on the web site of the Association for Manufacturing Technology ( www.amtonline.org ). Consult your financial and tax advisors to discuss details of the impact of the legislation on your justification for the purchase of a TornadoÂ® floorcare machine in 2012.