Updates to the Tax Cuts and Jobs Act for 2020
Take advantage of the tax reform for your roof improvements in 2020! On December 22, 2017, the most sweeping tax legislation since the Tax Reform Act of 1986 was signed into law. The national tax reform bill features pro-growth adjustments for businesses, and the roofing industry is one of the benefiting parties. Better known as the Tax Cuts and Jobs Act, the bill features enhanced deductions under Section 179 that lower the cost of commercial property improvements, including the roof.
The IRS released the updated 2020 figures. The maximum deduction for taxable years beginning in 2020 is $1,040,000 and the phased-out threshold is now $2,590,000. Click here to download our infographic to learn more about how the expanded Section 179 can boost the tax benefits of your nonresidential roof. If you would like a customizable version of the flyer to share with your building owners click here.
Firestone Building Products encourages building owners to contact their tax professionals to learn how they can take advantage of this tax reform. Our team of trusted professionals and extensive portfolio of industry-leading building envelope solutions, can help building owners get the most out of their commercial property updates. To work with one of our experts, please click here.
Firestone Building Products does not engage in the practices of accounting or tax law and offers no opinion on and expressly disclaims any responsibility for the soundness of any tax advice.