Now is the best time to upgrade your office furniture. Here’s why. On December 22, 2017 the US Congress passed H.R.1 (TCJA) also known as The Tax Cuts and Jobs Act. Business owners will receive some incredible benefits with the passing of this legislation. As a business owner, you can now deduct the purchase of new and used office furniture for 2018 off your taxes!
How the Tax Cuts and Job Acts will affect your businessThe newly revised Section 179 deductions of the IRS tax code deals exclusively with business expenses. Under the 2018 rules, businesses can now deduct twice the amount (up to $1 million) of business property expenses as the previous year (maximum of $500,000) and the phaseout threshold has been increased from $2 million to $2.5 million.
In recent years, the bonus depreciation (the percentage for first-year) deductions have fluctuated making tax planning complicated. Now under TCJA, the new law increases the bonus depreciation deduction from 50% to 100% for five years and then gradually phases out the deduction over the next five years. This bonus deduction has been expanded to include “used” property allowing you to take the full tax deduction on the “used” office furniture you purchase this year.
The ability to deduct the purchase of new and/or used office furniture is a huge incentive for businesses to invest in themselves. In the past the economic stimulus acts only allowed you to deduct a portion of your costs however this new update allows you to deduct the entire cost of your furniture purchase.
Now is a great time to plan upgrades to your office space. This new law will allow you to take deductions for this year’s purchase of new and/or used office furniture provided the equipment was procured or financed and installed between January 1 and December 31, 2018.
How to plan your office makeover for 2018 with bfibfi is a full service business interior resource, providing consultative services, product solutions and technical assistance for office, healthcare, institutional, and government environments.
We have a professional staff of office furniture sales and design consultants who are happy to meet you and walk you through options for your new office furniture. We can help you transform your office space into a functional office space that works with practical office designs to meet your budget needs.
Our ability to structure dependable, convenient, cost-effective, long term partnerships and consistently delivering outstanding, well managed competitive services really makes it quite easy to do business with us. Let our office furniture consultants show you how we deliver fast, excellent, affordable office furniture designs for every budget. Contact our staff today.
The Bottom-LineWith the new tax bill benefits, it’s never been a better time to plan an office furniture upgrade with new and/or used office furniture options available.
About bfiFor over 70 years, Business Furniture, Inc. (bfi), has been a leader in furniture specification and furniture project management. With offices in Elizabeth NJ, Parsippany NJ and New York City, bfi is a nationwide resource managing product and service solutions, procurement, delivery and installation, furniture asset inventories and reconfiguration services and 24/7 online customer service. bfi is a New Jersey authorized Herman Miller office furniture dealer. We offer thousands of products from more than (200) of the world's finest office furniture manufacturers and employ over (75) professionals serving a diverse customer base in the corporate, governmental, medical, educational, architectural and design and real estate sectors.
For more information, contact Daniel Morley, President /CEO at email@example.com or 908-926-6157.
(disclosure, we’re office furniture dealers, not accountants, make sure you consult your financial advisor or accountant for more detailed information)