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Are Commercial Roofing Expenses Tax Deductible?

As a business owner, you know the importance of fiscal responsibility. Without a little attention to detail when it comes to planning for the future and taking advantage of any opportune moments, your business fails to thrive. 

If this rings true for you, you’re likely familiar with the ins and outs of the tax code and how it impacts your bottom line. But are you acquainted with the most recent update to Section 179 — a code specific to the roof of your commercial space? 

Read on to learn more about this update and how you may be able to convert your commercial roofing expenses into an advantage for you and your business.

What is Section 179?

Section 179 is part of the tax code that allows businesses to write off qualified equipment or software on their annual tax returns. Recently, this code has been updated and expanded to reflect more leniency on what qualifies under the code. 

Under the new guideline, if your roofing contractor in Arkansas determines that a roof replacement is necessary, you can write off the entire cost as long as the replacement occurs the same year as the reported deduction. The good news doesn’t stop there. Certain roof repairs also qualify under the new code, so if you’re not quite ready for a complete upgrade, you can write off certain maintenance and repair requirements. That said, there are some additional regulations when it comes to repairs, so make sure you and your roofer are on the same page as your accountant before you start any roof work. 

Does My Commercial Business Qualify?

Almost every commercial business (retail, office, industrial, and apartment complexes) can benefit from these changes. Luckily, there’s no size qualifier when it comes to taking advantage of these write-offs. It might benefit you to check the status of your roof with an expert on roofing in Arkansas to determine whether your property could use a little TLC. And since we’re not tax experts, you should also check with your accountant before counting on any roof-related deductions.

What Are the Anticipated Cost Savings?

The cost of a roof replacement can quickly add up (just ask your local roofing contractor in Arkansas). It’s not always beneficial to replace it prematurely. It’s best to visit with a tax advisor if you’re worried that the write-off isn’t worth the upfront expense. That said, the Tax Cuts and Jobs Act has doubled the amount business owners can deduct from their taxes (up to $1 million), making it a worthwhile process to explore for many property owners. 

There are a few stipulations to keep in mind. If a taxpayer pays more than $2 million in taxes during the year, the deduction is reduced. In addition, similar to past years, you cannot deduct more than the actual earned income of your business. 

Other Options

If you decide the Section 179 deduction options aren’t right for your business at this time, there are other ways you can save money when it comes to your commercial roof. Annual maintenance with a local roofing contractor in Arkansas is the first step. While an annual plan often requires a monthly fee, this preventative measure can actually save you money in the long run by identifying any weak areas before they escalate and become a major problem. At Shamrock Roofing, we highly recommend this route!

Ready to Get Started on Commercial Roof Repairs? Call Shamrock Roofing and Construction 

Whether you need a roof replacement or you’re ready to sign up for an annual maintenance program, it’s time to get Shamrock Roofing and Construction involved. Our team is considered one of the best when it comes to commercial roofing in Arkansas. Contact us today to speak to one of our premier roofers. We’d love to partner with you to protect one of your most significant assets!