As we head into the month of March, most finance departments are busy at work with the 2022 tax year. For them, it's hard to start thinking about the 2023 fiscal year. We encourage all leaders to pause and think about your budget strategies now. Where can you cut costs, and how do you make the smartest investments for your future? Let's talk about the Section 179 deduction and how to take advantage of this tax break when purchasing portable restrooms.
Under the Section 179 Deduction, you can earn a tax break by selling and buying NOW through the end of the year! This is a capital-saving opportunity for all business owners that not many are aware of; there is no advantage in waiting to sell or buy new portable restrooms. If you wait until the beginning of a new year, you may actually lose money! Capitalize on great deals with our in-stock and available-to-order units to save on the total cost, and ensure delivery by December 31, 2023 to qualify for the section 179 deduction.
As stated on the IRS website:
You can elect to recover all or part of the cost of certain qualifying property, up to a limit, by deducting it in the year you place the property in service. This is the section 179 deduction. You can elect the section 179 deduction instead of recovering the cost by taking depreciation deductions.
To learn more on the IRS website, click here.
Learn About Section 179
Using the Section 179 tax code, you can deduct the full purchase price of any equipment which qualifies and is purchased or financed during the tax year in question. What this means is if you buy or lease equipment (like portable restroom trailers), it is possible to deduct the full purchase price from your gross income. By adding up your total equipment, software, and vehicles purchased for your business in 2023, you can write off or expense up to 100% of the cost of portable restrooms for purchase for up to $500,000, and then 50% of the remaining balance up to $2,000,000. Leveraging this deduction allows businesses to jump on what they need now instead of waiting over the next few years by only writing off the depreciation values. With industry price increases on the horizon reaching 6-10%, this is just another reason to purchase now instead of waiting.
Assets eligible for the deduction don’t need to be brand new, just new to you. This means that new and used portable restrooms are applicable. If you purchase a new portable restroom or shower trailer, we also offer a great one-year buyback program of up to 80% of the original purchase price based on unit condition.
To make this process easier for our customers, we have secured extremely attractive financing through our bank. We are offering 90 days same as cash with some of the best rates ever on portable restroom trailer equipment. Contact us at 1-877-600-8645 to learn more about our financing offers.
For more information, visit this site devoted to this tax deduction. Please make certain you also have an educated conversation with your tax preparer; you will need to fill out part one of IRS form 4562 for this deduction.
Get Informed About Portable Restrooms
Fill out our contact form or give us a call at 1-866-807-9043 to find our about taking advantage of the section 179 Deduction on your portable restrooms lease, purchase, or sale! In order to qualify, equipment must be purchased and out for delivery to use by December 31st, 2023. There is still plenty of time, but the year is flying by! Get your portable restroom trailers now and be ahead of schedule, ready to take on your taxes at the end of the year organized and with extra money in the bank!