As 2021 comes to a close, MyGlassTruck wants to remind you about Section 179. A program that provides small and medium sized companies a tax deduction when purchasing new or pre-owned equipment, including business-use vehicles such as glass carrying trucks.
What is Section 179?
By claiming Section 179’s upfront tax deduction for the cost of your equipment, a company can reduce its overall equipment costs. According to the IRS tax code for Section 179, it allows businesses to deduct the full purchase price of qualifying equipment purchased or financed during the during the 2021 fiscal tax year.
Before we begin we would like to state that we build best-in-class glass carrying equipment and are not tax professionals! Please discuss section 179 with your tax professional before making any equipment purchase decisions.
How the Section 179 Deduction Works
To break it down into layman’s terms, if you buy or lease a piece of equipment and put it into service this year, you can deduct its full purchase price on this year’s tax return. You get the entire deduction now, instead of small deductions over the equipment’s life span through depreciation.
This tax benefit is an opportunity that all companies should take advantage of to reduce equipment costs. It’s perfect for small to medium sized companies that purchase equipment between $2,000 to $2,590,000. Once the $2,620,000 threshold is reached, the deduction decreases on a dollar for dollar basis. The benefit varies from year to year so act fast before its too late! Consult your tax professional to learn how Section 179 can save you money on your glass transportation equipment purchases.
For an in-depth explanation of how the Section 179 deduction works, head on over to Section179.org for more information.
Best In Glass Carrying Equipment
When you are ready to make your purchase, you can be sure that MyGlassTruck has the right glass transportation equipment to suit your needs.
Our glass racks are engineered to be durable, fuel efficient, and ensure your glass makes it to the job site in one piece, all while making fewer trips to the warehouse. Every rack is constructed from aluminum which helps you carry more glass and be more efficient at the same time. To construct our racks we use Huck fasteners, which are superior to welds that crack over time. We utilize the most glass protection in the industry to ensure your glass makes it to the job site damage free. Every rack comes standard with three of our Adjust-A-Poles and can be upgraded with a wide range of options including E-track and scissor style cleats.
Your glass body is designed and built at our 50,000 square foot facility located in Glassboro, New Jersey. We employ state of the art equipment to ensure that your glass truck body is best-in-class. Our team of glass transportation experts, engineers, and technicians ensure that your glass body is manufactured to your exact specifications. The team at MGT will help guide you from your initial quote and engineering all of the way to delivery and implementation of your new vehicle.