Tax Savings for YOU
The tax write-off for USA fabricating companies is increased to $128,000 for 2008, courtesy of the federal government.
The Section 179 Federal Income Tax Deduction is still in effect for purchases made and installed in 2008! This deduction allows your company to deduct the first $128,000 of equipment purchased in 2008 from your taxable income.
For as little as 4% of your equipment cost, you can save thousands of dollars on your taxes. Your first year’s tax savings could exceed your first year’s machine payments.
Additionally, your company can take their standard depreciation deductions on the adjusted basis of qualified equipment. Machine tools and fabricating equipment are typically depreciated over 7 years.
Tax laws are subject to change at any time and their application is highly dependent upon the unique facts and circumstances of any particular taxpayer. Always check with your accountant or tax professional to confirm eligibility for tax benefits.