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Many drivers and business owners are choosing to lease their next trailer to replace their old equipment. If you decide to pursue leasing over buying, it's important that you understand the latest tax laws that may have an impact on your overall finances. Here's a closer look at the new tax changes for leasing equipment this year.
The New 2018 Tax Changes
The revamped tax plan includes extra tax incentives for people in the truck and trailer industry. For example, the corporate tax rate was lowered to 21% and under. Business owners can also now write-off the full amount of certain purchases they've made in the same year of acquisition. Previously they had to slowly write off the expense over a long period of years.
These tax changes will provide ample incentive to people who want to lease their own equipment instead of buying it. Besides these tax incentives, leasing is preferred by many drivers and fleet owners since the process makes it easy to obtain a flexible leasing package with custom payment plans and the latest equipment upgrades. Leasing can also help improve your overall cash flow management since it decreases overall repair and maintenance costs. It's can also work as an effective strategy to help bridge the gap when there is a surge in work and you need new trailers fast and have to train new drivers. However, it's still important for independent drivers and companies with private fleets to consider different viable financing options before deciding to lease a trailer.
For more information about our services, please contact us today by email or call (708) 258-6900 to speak with one of our representatives. Country Supply is the premier source for trailers. Our talented team can help you buy, lease or rent different heavy equipment. We can also provide quality parts and service if you stop by our Illinois location.
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