Are you wanting to invest money into your business? Well, this is the best day to do so! A recent change in the Section 179 Deduction, under the Tax Cuts and Jobs Act, has increased the amount of money that taxpayers are allowed to deduct up to $1 million on their income taxes, rather than to require the cost of the property to be capitalized and depreciated. This is good news if you are a business owner and looking to hire the premier roofing company in Kansas City. The good news is that the Tax Cuts and Jobs Act has expanded the definition, and it now includes improvements to your commercial roofing system and building. This is excellent news for business owners, property owners, and the best roofing companies in KC. So, what is The Section 179 Tax Deduction For Commercial Roofing In Kansas City MO, and how can it benefit you? Let’s dive in!
Tax law can be a daunting and confusing subject, but it is not as complicated as it might seem, and it indeed isn’t as daunting as emergency roof repair in Kansas City. When put simply, the U.S. government wants businesses and business owners to invest in themselves, and that includes hiring amazing roofing companies in Kansas City. You can deduct the full price of that business purchase if it qualifies within these standards and guidelines.
Here is a great example:
So, your next question is, “what does qualify?” Hiring roofing contractors in Kansas City to make improvements to your building qualify, as well any other building improvement purchase made. Here is a list that even includes more:
- Specific enhancements to non-residential buildings: roofing, fire suppression, alarms, security, HVAC, etc.
- Equipment purchased for business use
- Business Vehicles
- Computers & Software
- Office Furniture
- Property Attached To Your Building