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**Deduct New Equipment and Replacement Parts When You File Your Taxes**
Posted: January 09, 2018 at 05:06 PM
8 minute read | Tips
As tax season approaches, it's time for businesses across the U.S. to review their financial strategies. Whether you're managing outdoor gas heaters or AEI Gas Grills, understanding how to handle equipment costs can have a big impact on your bottom line.
Deciding whether to repair or replace existing equipment isn’t always straightforward. Factors like the condition of the units, repair costs, and expected lifespan all play a role in the decision. But there's another important consideration: taxes.
When it comes to repairs, such as fixing Sunglo Outdoor Heaters, these are typically classified as current expenses. The IRS allows businesses to deduct the full cost of repairs in the year they’re made. For example, if you spend $1,000 repairing a heater in 2018, that entire amount can be deducted from your taxable income that year.
On the other hand, purchasing new equipment like a gas grill is considered a capital expense. This means the cost can't be fully deducted in the year of purchase. Instead, you'll depreciate the asset over its useful life. Using straight-line depreciation, you might deduct $1,000 per year for five years.
But there’s an exception: Section 179 deductions. This allows businesses to deduct the full cost of qualifying equipment in the year it's purchased, up to certain limits. In 2018, the limit was $1,000,000, making it a powerful tool for reducing taxable income.
Whether you choose to repair or replace your equipment, both options offer tax benefits. Repairing gives you an immediate deduction, while replacing offers long-term depreciation or the option to use Section 179 for a full write-off.
Ultimately, the best choice depends on your business needs and financial situation. Consulting with a tax professional can help you make the most informed decision.
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