2013 Tax Code Provides for Large Equipment Purchase Savings
Section 179, a provision of the US Tax Code for business equipment deductions, allows your business to deduct the full purchase price of equipment bought and put into use during the 2013 calendar year? It is ready to enhance your 2013 bottom line by reducing the amount of taxes you pay. If you are looking to buy office technology or software, this is the year to do it; in 2014 this tax deduction is scheduled to be drastically reduced. In just this one provision, the maximum deduction limit will go from $500,000 to $25,000 after December 31, 2013.
Almost all legitimate business equipment qualifies: office equipment and office machines such as copiers and printers; electronics such as computers, laptops, related peripherals; business non-custom software; machinery; some business vehicles; office furniture; and many other types of tangible equipment. In summary, almost all products and services Loffler offers.
What Does This Mean to Your Business?
Some small- and medium-sized businesses can actually save more in taxes in 2013 than their first year’s payments for new office technology or software. Section 179 could actually become an income stream for 2013 while you get the new equipment to help you improve your business productivity immediately. Leveraging Section 179 could make the difference for your business by allowing the investment in necessary staffing or technology to enable your growth plans.
Click to contact Loffler or call 952-925-6800 to learn more about how we can help you take advantage of these savings.