As 2024 draws to a close, there’s still time to take advantage of a valuable tax-saving opportunity: 60% bonus depreciation on qualifying new and used equipment. While we’re not tax advisors, we are here to provide you with in-stock equipment that meets the criteria. But act fast—this incentive is only available until December 31, 2024.
Understanding how bonus depreciation works can help your business make smart investments now while reducing your tax liability. Here’s what you need to know:
What is Bonus Depreciation?
Bonus depreciation allows you to immediately deduct 60% of the purchase price of eligible equipment in the same year it’s placed in service. Unlike regular depreciation, which spreads the deduction over several years, bonus depreciation gives you significant tax relief upfront. This means you can reduce your taxable income for 2024 while investing in the equipment that will drive your business forward.
Why Now?
- Immediate Tax Benefits: Reduce your taxable income this year by claiming 60% of your equipment purchase cost.
- Encourage Strategic Investments: Now’s the time to upgrade your operations and get a tax break for it.
- Improve Cash Flow: Keep more of your cash on hand while still getting the equipment you need.
- Time-Limited Opportunity: Bonus depreciation decreases after 2024, so this is your best chance to maximize your benefits.
- Stay Competitive: New equipment means increased efficiency and productivity, helping you stay ahead in the industry.
What Qualifies?
This isn’t just about forklifts or equipment—bonus depreciation applies to a variety of eligible purchases, including:
- Forklifts and other material handling equipment
- Racking systems and storage solutions
- Dock and door equipment
- Warehouse automation technology
- And more!
How Bailey Can Help
We have over 500+ pieces of new and used equipment ready for delivery before December 31st. Our range includes advanced forklifts and automated storage solutions that can enhance your operations while qualifying for the 60% bonus depreciation.
What’s Next?
- Choose the Right Equipment: Our team will work with you to select equipment that fits your needs and qualifies for the bonus depreciation.
- Timing is Everything: Make sure your purchase is completed and equipment is in service by the end of 2024 to qualify for the full deduction.
- Talk to Your Tax Professional: While we can help with the equipment, it’s always best to consult a tax advisor to understand the specifics for your business.
Don’t Wait—Act Before December 31, 2024!
The clock is ticking on this tax advantage. Contact us today to explore your options and make sure you’re ready to take full advantage of the 60% bonus depreciation before it’s too late.
Disclaimer: We’re equipment experts, not tax advisors! Be sure to consult a financial professional for specific tax advice.
