💰 Tax Day Reminder: Maximize Your Savings with Section 179!

With only 11 days left until tax day, are you taking full advantage of Section 179? If you purchased and installed pallet racking in 2024, you could write off the full cost. Don’t leave money on the table!

🏗 What is Section 179?

Section 179 allows businesses to deduct the full cost of qualifying equipment, like pallet racking, instead of depreciating it over several years. This can be a huge advantage for businesses looking to reduce their tax liability quickly. Plus, if you hit the Section 179 deduction limit, Bonus Depreciation may help you deduct even more of your equipment costs!

📅 Filing for 2024?

If you’re filing for 2024, make sure your racking was purchased and in use by Dec. 31, 2024, to claim all eligible deductions. But how do you know if your pallet racking qualifies? Here’s what you need to consider:

1. Qualifying Equipment: Section 179 applies to tangible personal property used for business purposes, which includes pallet racking.
2. Business Use: The racking must be used more than 50% for business purposes. If used for both personal and business, the deduction will only apply to the business portion.
3. Purchased & Installed: Your pallet racking needs to be purchased and placed in service by the end of the year (December 31, 2024), meaning it should be ready for business use.
4. Cost Limits: The Section 179 deduction limit for 2024 is $1,160,000, but this limit could be adjusted if you purchase additional business property.

Consult with your tax advisor to confirm that your pallet racking meets these criteria for Section 179 eligibility.

🔍 Looking Ahead to 2025?

Now’s the time to think ahead to next year! If you plan to invest in warehouse pallet racking, you can start preparing for potential tax savings for 2025. Get ahead of the game by investing in the right equipment now and maximize your savings in the new tax year.

💡 Maximize Space & Savings with Ziglift!

Ready to take advantage of tax savings and optimize your warehouse storage? Let us help with your next pallet racking investment. Reach out today for solutions that improve both your warehouse efficiency and your bottom line.