It’s no secret that businesses of all sizes want (and need) to get the most for their money, especially when investing in new equipment. Identifying savings opportunities is both a smart financial business strategy and an easy way to stretch a project’s budget. There are lots of ways to do this, but there is one savings opportunity in particular that we want to bring to your attention. It’s one that often gets overlooked, yet holds potential for substantial savings. Important to note – it also has limited availability and is set to expire at the end of 2011 (believe it or not, that’s officially less than six months away!).
If you’ve not heard of this special tax incentive sponsored by the U.S. government, we encourage you to take a moment to learn about the Section 179 Tax Incentive. Before you hear the words “taxes” or “deductions” and dismiss this savings opportunity as not being significant enough – ask yourself this: If you are being handed thousands of dollars to put into your business account (legally), would you really walk away leaving that money on the table?
As you ponder that question, check out this issue of our “Ask the Expert” Series. Our financial expert contributor, Rick Hempstead, a CPA with Hall Albright Garrison & Associates reviews the benefits of Section 179, details who is eligible to take advantage of it, and explains how your business can realize a savings of nearly $20,000 in a typical equipment purchase.
If your business is based in the U.S., have you already, or will you use this special tax incentive? Leave a comment and let us know.