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Get your piece of the Government's Tax Pie with Section 179
You may have heard about the Section 179 but
wondered what it can do for you. It's simple really, you buy or lease qualifying
equipment, and then take a full tax deduction on it this year. (well of course
when it comes to taxes it gets pretty complicated but in a nutshell, that’s it!)
Now is the time to take advantage of this due to the changes the Economic Stimulus Act of 2008 has made to the Section 179. The new deduction limits have been raised to $250,000, meaning you can deduct the full purchase price of new equipment from your gross income this year! Additionally, businesses can take a bonus depreciation of 50% on the amount that exceed the deduction. All this accounting and tax jargon means that you can significantly decrease the cost of equipment that you need to run your day to day operations. That means something for small to medium sized businesses that sometimes have a hard time getting the “latest and greatest” due to the expense! Take a look at this example, say you purchased a new communications system this year. $25,000 Cost of Equipment Full $25,000 Section 179 Tax Deduction in 2008 - $8,750 Cash Savings on your Equipment Purchase (assuming 35% tax bracket) $16,250 Lowered Cost of Equipment after Tax Saving Check out this helpful Section 179 Deduction Calculator and see how the government can help your business in 2008! http://www.crestcapital.com/tax_deduction_calculator Or visit www.section179.org for more information. NOTE: This is a sample only, not tax advice. The deduction of limitations set forth herein are subject to inflation adjustment increases under the Internal Revenue Code. It is based on assumptions that may not apply to your business. Please see your tax advisor to be certain how Section 179 will apply to your specific situation.
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