Are you holding off purchasing a bucket truck this year? Don’t wait too long as the US government has a little known tax stimulus deduction (Section 179) that will most likely only apply to this year — and time is certainly running out!
What is Section 179?
Section 179 for 2011 allows a business to deduct the purchase price in totality of the qualifying equipment in this case the bucket truck that is purchased or financed in that particular tax year. In this case, the tax year is the year 2011. This simply means that if one buys or hires a truck, then the total purchase price can be deducted from the person’s gross income. This is of great benefit to business. This is because the businesses can buy these and invest on the same.
Do Bucket Trucks Qualify?
Short answer – yes. Bucket trucks are qualifying equipments and thus fall under section 179 for 2011 deductions. This means that if a business purchases the truck, the full price of the truck that is purchased in the year 2011 or financed in the same year can be deducted from their gross income.
It is important to note that any business that spends up to or more than $2,000,000 in the purchase of bucket trucks or other types of equipment in the year 2011, automatically qualified for deductions from section 179 for 2011 deductions.
How does Section 179 work?
This section may sound like a very complex and complicated section, but it is quite easy to understand. Any time a business purchases a bucket truck, which is qualifying equipment under section 179; the business gets to write off the truck a little in the next period of time. This simply means that every year. The business gets to write off a certain amount on the depreciation.
The main question is what the main purpose for this section is. The main purpose for this section is not only to encourage the business owners to buy or purchase bucket trucks but also to affect positively the economy on the same. However, this section as well has limits. The limits draw a line on the total amount of equipments purchased for that particular tax year, in this case the year 2011. This is because the deductions begin to reduce after the business purchases equipment worth more than $ 2,000,000 in the particular tax year which n this case is 2011.
What are Bucket Trucks?
There are many kinds of trucks out there but there is this one type of truck that never fails to amaze. Bucket trucks are trucks, which are mainly used in Industrial uses. These trucks come in many different sizes and shapes. The bucket trucks are used for lifting and lowering workers to places or heights that cannot be reached using ladders. The trucks ensure that the workers perform their work comfortably and efficiently.
The truck is designed to hold tools and the materials needed for the workers in order to complete their work. However, bucket trucks fall under the OSHA standard guidelines, which must be adhered to in order to maintain the safety of the workers and other people within the vicinity of the work area. These standards include rules and conditions on the use of the truck. For example, the controls of the truck must always be clearly and visibly marked as well as fully defined for their functions.
Don’t Wait to Buy a Bucket Truck!
Be sure not to wait too long to buy a bucket truck. The deduction might end on December 31, 2011 and might not apply in 2012. To read more about the Section 179 Stimulus Package – feel free to go to their website here – http://www.section179.org
