Thinking of purchasing a Toyota forklift? In 2018, congress expanded the Section 179 tax deduction limit to $1 million on qualifying material handling equipment – including forklifts. So now may be the time to buy!

How Does Section 179 Work?

In previous years, businesses typically wrote off their equipment a little at a time through depreciation.  The Section 179 Deduction allows your business to write off the entire purchase price of qualifying equipment for the current tax year, up to $1 million.  Use this calculator to help estimate your tax savings and see how the Section 179 Tax Deduction can make a difference to your bottom line at the end of the year.  Consult your tax advisor to determine if you qualify and if this deduction is right for you.

How Much Money Can I Save?

The amount of money you save depends on the amount of qualifying equipment purchased and put into use in the qualifying year.

Is There a Deadline?

Yes! Qualifying equipment must be purchased or financed AND put into service before midnight on December 31, 2018.

Does all Toyota Forklift Equipment Qualify?

The IRS allows for Section 179 depreciation on qualifying equipment, including forklifts, used in a business or income-producing activity. Consult your tax advisor for more information.

Contact Us for questions and to take advantage of the year-end tax savings.