HVAC Now Qualifies for Section 179 Small Business Expensing
US Tax Code Sec. 179: A taxpayer may elect to treat the cost of any section 179 property as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a deduction for the taxable year in which the section 179 property is placed in service.
The recent change is a part of H.R.1, aka, The Tax Cuts and Jobs Act . You could purchase HVAC equipment and expense it fully this year, instead of the typical 39 year depreciation schedule.
- http://www.section179.org/ – Free resource answering questions related to the Section 179 Tax Deduction, and explaining the impact various Stimulus Acts have on Section 179.
- https://www.law.cornell.edu/uscode/text/26/179 – Cornell Law School Legal Information Institute
As with any tax advice – please consult with your own tax, legal, and accounting advisors to verify how this change affects you and if you can take advantage of it.