Maximize your Deducting Super Power
Deductions can make a huge difference in the amount of taxes your business owes the IRS. When it comes to maintaining or replacing your commercial roofing system, there are tax breaks that can help! Our goal in this article is to help you learn how to maximize your deducting super power!
The 179 tax code is one that benefits businesses for maintaining or restoring their commercial roofs. Utilizing this tax code can make an impact on your businesses bottom line and help to maximize your deducting super power with the IRS.
When it comes to commercial roofs, the expense of maintaining, repairing, restoring and replacing a roofing system can be costly! However, if your business qualifies for the 179 tax deduction, those costs could turn into money saving deductions! Here’s what you need to know…
According to the IRS website, Section 179 of the tax code allows eligible business taxpayers to fully deduct the cost of certain property improvements, as an expense, in the tax year the improvements occurred. These improvements include repairs, restoration, and replacement of your qualifying commercial roof.
It is important to note that as of today, the following limitations do apply:
Maximum single deduction of $1.05 million
Maximum total qualifying purchases of $2.6 million
Offsetting your business profits with the 179 tax deduction is a huge benefit to maintaining, replacing, or revitalizing your commercial roof! To take advantage of this benefit, contact Monuments team today. With over 50 years of experience, we can help you with any of your commercial roofing needs!
Tax codes change often, be sure to contact you tax professional or visit the IRS website for the most current information on tax code 179.