If you're planning a furniture purchase for your office this year, this article will interest you. The following excerpt is taken from the April 2018 issue of the Trendway Dealer News:
"Potential Benefits from the New Federal Tax Laws
Recent changes in the Federal Tax Depreciation Schedules may positively affect a customer considering a purchase of furniture or architectural products for 2018.
Under the current laws, certain capital expenditures can be depreciated at a new accelerated rate of 100% in the year placed in service. This means a customer can reduce their gross tax liability through depreciation within the first (12) months of installation.
A business can decide to deduct the full amount of its furniture and wall purchase expense in the first year of use, rather than waiting the (7) years necessary to realize full depreciation from past tax schedules.
Demountable wall products qualify for the new 100% deduction, further increasing the advantage over stud and drywall, since these are still generally required to be depreciated over 39 years for federal tax deduction purposes.
Note: This brief summary is for discussion purposes only since the availability and effectiveness of any strategy are dependent upon individual facts and circumstances. It does not contain legal, tax, or investment advice."
Contact your OEX Account Manager for more information or to get started on a new project.