They may be the three most important numbers for business owners to remember, 1, 7, & 9. Put them together and you have 179, as in Section 179 of the business tax code. It was drastically changed as part of the Tax Cut and Jobs Act passed by congress. Unlike many tax code changes, this is REALLY good for businesses and can mean a really huge tax deduction for upgrading HVAC systems.
In the past, HVAC purchases were treated as capital expenditures and not included as a section 179 expense. Under the old rules, the cost had to be depreciated over 39 years. Now the costs of HVAC upgrades can be written off immediately. But the good news doesn’t stop there. The section 179 deduction limit was also raised to $1,000,000 up from $500,000. That’s right, you can now write off up to one million dollars in HVAC costs immediately.
We will let you crunch the numbers with the people you depend on to handle those things for you, but these changes mean this is the best possible time to make HVAC improvements in your building(s).
Think of what this can mean for your bottom line. The tax advantages not only decrease the effective cost of HVAC upgrades, but you’ll also be getting newer, more efficient systems. You will almost certainly be saving money every month on your heating and cooling costs. The upgrade will also add to the value of your real estate holdings, whether it’s an office building or manufacturing plant. Call Merts to find out more about how your business can take advantage of this win-win situation.
We don’t want to ignore our residential customers. This is also the time of year for homeowners to get a great deal. If you call us before the summer rush, the pace is slower and you can make your decision without feeling pressured. Because business is a bit slower during the spring, there might be more rebates and incentives available from manufacturers. It all adds to being able to swing a better deal. Think of it as the old law of supply and demand working in your favor.
Whether you are a business owner looking to take advantage of HVAC tax rebates under the new Section 179 rules, or a homeowner who wants to be prepared for the hot summer weather, now is the time to call Merts Heating & Air Conditioning. Serving the Chicagoland since 1952.
