U.S. Businesses May Be Able to Expense up to $500,000 in Work Truck Purchases in 2017
Furniture World News Desk on
9/30/2017
Internal Revenue Code, Section 179 (commonly referred to as IRC-179) allows businesses to expense up to $500,000 in tax year 2017 for certain capital expenditures, including commercial work trucks, like the Mitsubishi Fuso,
Mitsubishi recently reported that the U.S. Internal Revenue Code, Section 179 (commonly referred to as IRC-179) allows businesses to expense up to $500,000 in tax year 2017 for certain capital expenditures, including commercial work trucks.
Normally, capital expenditures must be handled as depreciable assets. However, provisions of IRC-179 allow a taxpayer to elect to treat the cost of qualifying Section 179 property as an expense in the tax year in which the equipment is placed in service, rather than as a depreciable asset charged to a capital account. For qualifying equipment placed in service in a business’s tax year beginning in 2017, the limit is $500,000.
Specific provisions and restrictions do apply, and every business’s tax situation is unique, so business owners should consult their own tax accountants or attorneys to determine how much tax saving, if any, IRC-179 could provide.
For more information about qualifying FUSO trucks, visit
www.mitfuso.com.
More about Mitsubishi Fuso: Headquartered in Logan Township, NJ, Mitsubishi Fuso Truck of America, Inc. (MFTA) is a subsidiary of Mitsubishi Fuso Truck and Bus Corporation, Kawasaki, Japan, an integral part of the Daimler Trucks Division of Daimler AG. With a heritage of 30 years in North America, MFTA is focused on delivering trucks with the lowest cost-of-ownership in their class. Its Class 3-5 diesel-powered, medium-duty cabover trucks are available through more than 200 dealer locations throughout the United States, Canada, Puerto Rico and Guam. More than 100,000 Mitsubishi Fuso standard, 4-wheel-drive and crew cab trucks have been sold in North America to fulfill the transportation needs of a wide variety of businesses and industries, including beverage, catering, refrigerated and dry cargo delivery fleets, vehicle recovery, towing, pest control, plumbing, light construction and landscaping. For more information, visit www.mitfuso.com.