Cold Craft, Inc. Advises Small Businesses to Seek Tax Strategy in Section 179

CAMPBELL, Calif., Nov. 8, 2021 /PRNewswire/ -- During Covid there were winners and losers as far as profitability. If a small business is lucky enough to be staring at a big tax bill this year there are some things that might be able to lower their tax burden. Of course, anything that involves income taxes or the IRS needs to be run past a tax professional.

Now is the time to act on your tax strategy, 2021 is running out and that means it is time for strategizing about taxes. One idea that our light commercial and commercial property owners are doing to reduce their tax bill is considering improvements such as replacing the HVAC system. Equipment such as air conditioners, furnaces, package units, etc. may qualify, especially if maintenance had been deferred in recent years.

Fortunately, with the IRS Section 179 - accelerated depreciation you may qualify to utilize this advantage. When you replace your HVAC the occupants, such as tenants, customers, employees are more comfortable this winter and summer (depending on the equipment choices).

The IRS has this accelerated depreciation to help small business off set their taxes by making improvements to their business. The quote below is from the IRS website.  See your tax professional to see if you qualify for accelerated depreciation. If HVAC improvements are how you want to utilize the Section 179, Cold Craft can assist you with the HVAC work to take advantage of this strategy.

The TCJA amended the definition of qualified real property to mean qualified improvement property and some improvements to nonresidential real property, such as roofs; heating, ventilation and air-conditioning property; fire protection and alarm systems; and security systems. Revenue Procedure 2019-08 explains how taxpayers can elect to treat qualified real property as Section 179 property. (Source IRS.gov)

Call Cold Craft is a full-service residential and commercial HVAC R firm serving the San Francisco Bay Area for over 30 years. Specializing in wine cellar refrigeration, geothermal, and unique temperature applications. Cold Craft is willing to work with clients with special circumstances such as tax credits or accelerated depreciation. 

Cold Craft, Inc. 408.374.7292 www.coldcraft.com

Media Contact:
Susan Nichol
1 408-374-7292
[email protected] 

SOURCE Cold Craft, Inc.

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