What is Section 179 and Why is it Great for Commercial Roofing?
Through Section 179, businesses can now deduct the full cost of their roof replacement in the year it’s completed. Here’s some other important details to know:
- This includes business equipment and the costs of re-roofing your property. It’s a write-off that you can use against the same year’s earnings.
- In the past, businesses would depreciate the cost over 39 years, but now this allows businesses to deduct that full cost in the same year.
- The maximum amounts a business can deduct in expenses has also been increased up to $1 million and the phase-out threshold rose as well to $2.5 million.
Read more below to see how beneficial this is and how Compass Roofing makes it all possible!
At Compass Roofing, we’re always looking for the best interests of our Dallas commercial roofing clients. Whether it’s a smaller scale project, or a multi-roof, multi-system, Dallas commercial roofing job, we want to make sure you’re receiving the best bang for your buck. Fortunately for you, back in 2019, the Tax Cuts and Jobs Act that was passed through President Donald Trump’s leadership, created a section that applies to you!
Prior to the most aggressive tax overhaul in the past 30 years, there were some deductions applicable to business owners and property owners. The expense deduction that owners can make regarding construction projects had a limit of $500,000. Now, with Section 179 of the Tax Cuts and Jobs Act, the expense deduction limit has been raised to $1,000,000. This allows for more to be deducted on income taxes with your property. There was also a phase-out limit that has been increased from $2 million to $2.5 million.
Overall, Section 179 allows business owners and property owners to deduct much more on the income taxes and also expands the options that can be deducted. What options are available to you for deduction? Business owners can purchase equipment for business use and include them in their tax deductions. So if you needed to purchase new dump trucks for your hauling company or purchase a rigging machine, that would be covered! Heavy business vehicles are also included in this tax deduction, requiring that the vehicle be over 6,000 lbs in weight. There are various deduction options for products like office furniture and equipment. You can also deduct any computers or “off the shelf” software necessary to manage your office for fluidly.
What’s important for you, the contracting world and Compass Roofing, is that many contracting services are covered in Section 179 of the Tax Cuts and Jobs Act. Specifically, improvements to heating and air work, fire suppression, alarm, security AND last, but not least, roofing. That’s right. Improvements to commercial properties to their roof are covered in the massive, new deductions available to business and property owners.
Benefits in Capitalizing Sooner Than Later
You don’t just want to get a brand new roof willy nilly though. Many people will make the flawed mistake of buying new things just because they can deduct it from their taxes. We want you to have legitimate reasons to capitalize on this opportunity sooner than later. Here’s why…
If you don’t need to make a dramatic Dallas commercial roof replacement, then we don’t want to pressure you into saying yes. While we would love to earn your business and provide you great work, we know that on many occasions, replacing an entire roof is simply an unnecessary task. That’s why whenever a Dallas commercial roofing would like to fix a roof for you, have them conduct a thermal infrared scanning assessment. It’s an intuitive assessment that analyzes a roof’s status much better than the naked eye can. It’s actually the most advanced way for Dallas commercial roofers to inspect and provide hard evidence for work on your roof.
The US Government allowed for these massive tax deductions to take place because they want you, the American business owner and property owner to succeed. Because of the fear of taxation is now even more alleviated, business owners are able to pull the trigger now on these advantages. The US Government wants to provide business owners and property owners greater opportunity to grow and thrive, because business owners help our economy to continually thrive the way it has been.
On top of that, we likely won’t have this booming economy for long. There’s been little denial that the economy has grown faster than ever before in history. Since this is being written in 2020, we’re potentially seeing a new Democratic president on the rise to take down President Trump. When that happens, we predict that the economy will be in doubt and will no longer grow at a quarter-by-quarter rate of 1.9%.
Why Work With Compass Roofing?
You could receive these tax deductions from any sensible Dallas commercial roofing company though. Why should you choose to work with Compass Roofing to get the job done?
At Compass Roofing, we actually provide FREE thermal infrared scanning with each Dallas commercial roofing project. This assessment takes several hours to execute for our clients, but it provides them with so much value. Since it’s free, you aren’t obligated to “trust” us before seeing the evidence of our work!
There’s also plenty of other reasons to work with us at Compass Roofing. If you Google us today, you’ll find hundreds of 5-star reviews from real customers about our work and decades of experience on our leadership team. Furthermore, we’re adamant about ensuring that each job we do is reinforced with thorough and frequent communication with our clients. We know from personal experience how damaging a lack of clarity and communication can be. It’s about time you worked with guys that understood that. We also understand that the price we give you for job shouldn’t dramatically without any forewarning or any agreement on the customer’s part. That’s why we back our roofing projects with an ob-budget guarantee.
To get started with one of the best Dallas commercial roofing companies, give us a call today at (817) 349-3129 or fill out a form on our website. It’ll be our pleasure to make your life a whole lot easier.