It’s that time of the year again! The snow is falling, the hot chocolate is flowing, and time is being spent with friends and family. Businesses are looking for ways to make the final push to make a financial impact before the tax year is over.
It may be time to give your business the Year-End gift of increased productivity and cost control.
You’re probably saying, “How do I do that?”
Well, my friend, have you heard of Section 179?
Section 179 is an “IRS tax code that allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means, if you buy or lease a piece of qualifying equipment, you can deduct the Full purchase price from your gross income, instead of depreciating it over time.”
If you’ve never heard of it, please take a moment to educate yourself on this tax deduction as it may be the gift that keeps on giving for your organization.
There are new IRS laws for 2018’s benefit and it could help your company start the new year with a bang with new technology that makes financial sense on your budget.
There’s even a calculator that you can try out to visualize a “potential” tax benefit using the IRS Tax Code.
As always, please understand we are not accounting professionals and we recommend a quick call to your own accountant or advisor to validate if this is the best route for your business, however, if you are looking to make a technology acquisition and struggle between if you are going to make the commitment now or wait until the new year, you may incur tax benefits if you act with Section 179.
If you’re interested in taking advantage of this incentive, please contact Applied Imaging and one of our Sales Consultants can walk you through how you can leverage new technology to help you achieve your desired business goals.