Save on 2024 Taxes with Section 179
When your financial advisors suggest that you should look at “Section 179,” they are referring to a specialized tax deduction that is spelled out in section 179 of the United States Internal Revenue Code. It allows a business—such as a metal fabrication shop—to take a deduction right away in that year’s taxes for business expenses for “depreciable assets,” specifically those things that a business owns for a limited period that are used to make money. If a fab shop buys a press brake or other piece of metalworking equipment this year and puts it into service, then they can lower this year’s tax liability instead of capitalizing that asset and spreading its depreciation over several future tax years. Purchases of vehicles and other equipment—such as office furniture and computers—and even some software can also be deducted through this tax provision.
Mistakes to Avoid in Metal Fabrication
Given its complexity, even minor mistakes in metal fabrication can lead to costly repercussions, including compromised product quality, wasted resources, and delays in project timelines. For fabricators, contractors, and engineers alike, avoiding common mistakes is crucial to maintaining efficiency, quality, and safety in the process. Here are some key mistakes that take place in metal fabrication, along with strategies to prevent them.
Press Brake Safety
Operating a press brake, a key fabrication machine used to bend sheet and plate metal requires strict adherence to safety procedures. Press brakes are powerful and essential tools in many industries, but they also pose significant hazards if not operated correctly. Proper training, awareness of the risks, and implementation of safety protocols are vital to […]