One factor that can be overlooked is when to buy a steel building for your business. There is a strategic approach to timing the purchase of your building. In our experience, we find that Q4 is a prime opportunity for businesses to pull the trigger on a new building. Buying in Q4 allows you ample time to work with your Project Coordinator at General Steel and ensure the delivery of your building is aligned with a spring construction schedule.
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Before you buy, here is the complete picture of why the fourth quarter may be the best time to buy a metal building.
This section of the IRS tax code was developed to incentivize business owners to purchase qualifying assets. While a metal building certainly qualifies for the Section 179 tax write off program, the first year write off and bonus write off can only be realized in the year asset was placed into service.
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Obviously if you purchase your steel building in the 4th quarter, due to weather conditions in many areas of the country, it would be difficult if not impossible to place it in service before the end of the current year, but you would be able to write off 100% of the purchase under Section 179 (up to $1,000,000). For businesses that spend over the spending cap of $2,500,000 a new 100% bonus write off program was introduced for a limited time. The bonus helps a business depreciate a purchase more quickly than the same amount over say 5 years.
It’s important to note that expanding your current building does not qualify for a section 179 write off, which is an important consideration if you are trying to decide whether to expand or build from scratch.
For more information, please visit 3D Steel Engineering.