Month: October 2021

With the end of the year quickly approaching, many companies are already thinking about potential savings through tax deductions, specifically bonus depreciation.

Check out these tips below to help you figure out how to maximize your savings while selecting the right equipment for your business needs.

What Bonus Depreciation Means for End of the Year Savings

Bonus depreciation allows businesses to deduct a more significant percentage of the cost of their purchased assets the year they are acquired instead of depreciating them for years.

Currently, bonus depreciation is at 100%, meaning if you purchase a piece of equipment by the end of the year, you may be able to deduct the full amount of your purchase.

According to the official website of the IRS, bonus depreciation “applies to business property acquired after September 27, 2017, and placed in service after September 27, 2017, and before January 1, 2023. ”

Starting in 2023, bonus depreciation will be reduced to the following rates:

• 2023: 80%
• 2024: 60%
• 2025: 40%

Overall, if taken advantage of, this favorable depreciation deduction will deliver tax-saving benefits to many businesses in 2021.

Consider the Timing of Your Purchase

In order to receive your savings from this deduction, all your equipment must be purchased and put into service by December 31, 2021, at midnight. With the continued pandemic, it’s important to note supply chain issues are still widespread. Deliveries are taking longer than expected, leaving many customers unsure whether or not it is the right time to buy. To avoid any uncertainty, we recommend purchasing or leasing your equipment as soon as possible.

Think about Different Types of Equipment you Need 

Buying equipment that is already in stock can also help alleviate any worries regarding end-of-year delivery.

Based on your budget and needs at the jobsite, Altec has several used and new pieces of equipment available for:

• Electric Utility
• Transmission/Construction
• Lights and Signs
• Telecom
• Tree Care/Forestry

Keep in mind, bonus depreciation is currently offered at 100%. This option is only available for a limited time and is available for both new and used equipment.

 Financing Options for your Business

If you’re interested in applying these tax benefits to your purchases, our knowledgeable finance experts at Altec Capital are ready to help you find the best options to achieve significant savings. If you want to take delivery at year-end, any equipment purchased through Altec Capital can be secured with no up-front down payment.

Altec Capital Financing offers:

• Deferrals up to 90 days
• Aggressive financing rates
• A variety of lease options

What type of financing option is best for me to receive Bonus Depreciation?

• Capital Lease
• Equipment Finance Agreement (EFA)

Using a tax lease in the 4th quarter is a great way to take advantage of Altec Capital’s best rates of the year. As a reminder, all qualifying assets will need to be financed and placed in service by December 31 at midnight.

Call (888) 408-8148 or email finance@altec.com if you have any questions about Altec Capital lease options or 4th quarter tax benefits.

If anyone knows the meaning of hope, community and perseverance, it’s Kinsey Simatos.

Kinsey, a Quality Engineer at Altec, was diagnosed with Stage Four Hodgkin’s Lymphoma in 2019, right before she graduated college at Iowa State. Having already interned at Altec twice, Kinsey had been offered a job at the company’s Midwest location and was set to start work in January 2020.

Because of her cancer diagnosis, she knew she would not be able to start work at that time. After hearing the news, Altec told Kinsey they would hold her job for her, even before she started chemotherapy.

“I told the company I’m not going to be able to make it right away. They said, ‘That’s fine, we’ll wait. That’s no big deal at all.’ There was no pressure, no, ‘Hey, when are you coming back?’ ” Kinsey said.

Altec stayed in close contact with her during treatment and recovery, something she still remembers fondly.

“They worked with me on the entire process. I got flowers from plant managers. My boss was checking in on me quite often, so that was a pretty amazing support to have,” she said.

Beyond her cancer diagnosis and recovery, Kinsey says she enjoys the friendships and continuous support she’s found while working at Altec, even meeting her fiancé at the company.

“It’s also great to work for a company that cares about your family, cares about your work-life balance and also encourages you to have fun while you’re at work. They say every company has family in their values, but Altec actually holds that true,” said Kinsey.

When asked what her reaction is to seeing an Altec truck out in the world, she says she feels an immense sense of pride.

“I helped build that truck. I’m helping lineman and people do the jobs that they need to do to keep our infrastructure running,” Kinsey said.

And her favorite Altec value? People Are Our greatest Strength.

“You don’t realize how important the knowledge of the team around you is until you’re in the thick of a problem and you have to solve it, right? Chances are there’s somebody out there that knows how to solve that problem,” Kinsey said.

Altec Careers

If you enjoy working in a team being challenged, Kinsey says this is the place for you.

At Altec, we know if we put our minds and hearts and backs into something, we can do anything. We care about people. We look after each other.

And no matter where we go, across the nation or the globe, we know one thing holds true: our equipment, our services, and our solutions are used to advance our communities and improve other people’s lives.

Does a career at Altec seem like the right fit for you? If you’re interested in joining Team Altec, check out our current job openings here.

At the 2021 Utility Expo (formerly known as ICUEE), Altec showcased a wide variety of products and services that support the electric utility industry. This show occurs every two years in Louisville, Kentucky and welcomes utility professionals, construction contractors and others looking to learn more about the latest industry innovations, technologies and trends.

Show attendees have the opportunity to network with their peers, learn utility industry best practices and talk to product experts.

At Utility Expo, our customers visited Altec’s booth, saw demos and equipment and met with the teams that build and support our products. The demos included the AC65E-155S, the JEMS LE (AA55E), the AH100B and an overview of Altec’s Fleet Services offering.

During the day, Altec was one of the largest exhibitors at the Utility Expo. The new Altec structure at Lot E offered a relaxing atmosphere with refreshments where customers met with account managers, engineers and executives to discuss their equipment needs.

Altec’s exhibiting space featured product demonstrations and opportunities to run the units. Customers also met with representatives from Altec Capital, Altec NUECO, Altec Fleet Services, Altec Global Rental, Altec Supply, Altec Worldwide, Altec Sentry and JJ Kane.

Altec hosted a customer appreciation event in the evenings where customers enjoyed dinner, refreshments, giveaway prizes and special recap videos from the day. Customer giveaways included water bottles, hats and die-cast trucks.

At the show, Altec’s Lee Styslinger, III thanked customers for their efforts in continuing to work despite all the difficult circumstances in 2020 and 2021.

“We’ve all been through a lot during the global pandemic. Thanks to your leadership, sacrifice and commitment, families across the country and throughout the world could not be safer and better thanks to the hard work and dedication of each of you, our customers,” Styslinger said.

Thank you to all of our customers that attended the show and stopped by our booth and hospitality events. We look forward to seeing you again at Utility Expo 2023!