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Checklist for ISP Contractor Trucks

ISP Contractors juggle many aspects of the business – from human resources and training, to payroll and truck purchasing. With over a decade of direct relationships with ISP Contractors across the nation, MAG Trucks understands that truck buying is not always a priority for the route owners. This checklist for ISP Contractor Trucks helps eliminate some of the ambiguity and anxiety when beginning the search for a new or used step van.

 

 

Below is a checklist for ISP Contractor Trucks that is important to address prior to purchasing a new or used step van. Companies like MAG Trucks have experienced sales consultants in-house and ready to answer your questions and help you through the purchasing process. Their experience ensures that all important elements of a purchase are taken into consideration. Even long-time ISP contractors appreciate MAG Trucks’ attention to detail when helping evaluate a purchase! The goal of this checklist is to maximize your conversations or correspondence with an upfitter for ISP trucks, and ultimately keep your team on the routes!

Checklist for ISP Contractor TrucksChecklist for ISP Contractor Trucks

  1. Back Up Camera
  2. Roll-Up Rear Door
  3. Enforcer Lock
  4. Jump Seat
  5. Approved Shelving
  6. White Custom Paint Job
  7. Customized Rims – White, Chrome, or Aluminum
  8. Black Bumpers
  9. Safety Kit and Fire Extinguisher
  10. Take advantage of the Section 179 Deductions

 

MAG Trucks is one of the select upfitting companies in the United States that has a facility able to complete all of the items required for the ISP contractor checklist. From in-house mechanics to a commercial-grade paint booth, MAG’s location is centrally positioned in Kansas City, Missouri, ready to deliver nationwide within 7 – 10 days.

Section 179 Deduction

Number 10 on the above checklist brings to light the Section 179 deduction, which most contractors are very familiar with and hopefully have utilized. As a small or medium-sized business, most ISP Contractors will qualify for the 2018 Section 179 Deduction. This allows businesses to deduct the full purchase price of qualifying equipment purchased during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the full purchase price from your gross income. Check out the chart below, which was originally posted on the section179.org website.

Resource: View the Section 179 Qualifying Property list here.

Checklist for ISP Contractor Trucks

 

IRS Section 179 Details:

  • Limits: Section 179 does come with limits – there are caps to the total amount written off ($1,000,000 for 2018), and limits to the total amount of the equipment purchased ($2,500,000 in 2018). The deduction begins to phase out on a dollar-for-dollar basis after $2,500,000 is spent by a given business (thus, the entire deduction goes away once $3,500,000 in purchases is reached), so this makes it a true small and medium-sized business deduction.
  • Who Qualifies: All businesses that purchase, finance, and / or lease new or used business equipment during tax year 2018 should qualify for the Section 179 Deduction (assuming they spend less than $3,500,000).
  • What Purchases Qualify: Most tangible goods used by American businesses, including “off-the-shelf” software and business-use vehicles (restrictions apply) qualify for the Section 179 Deduction.
  • Business Use: The equipment, vehicle(s), and/or software must be used for business purposes more than 50% of the time to qualify for the Section 179 Deduction. Simply multiply the cost of the equipment, vehicle(s), and / or software by the percentage of business-use to arrive at the monetary amount eligible for Section 179.
  • Deadline: To take the deduction for tax year 2018, the equipment must be financed or purchased and put into service between January 1, 2018 and the end of the day on December 31, 2018.
MAG Trucks and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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