The best way to reduce your federal tax liability is to purchase equipment for your business.
TAX CODE SECTION 179 - EXPENSE ELECTION 2013
Taxpayers can elect to expense the cost of qualifying property. The aggregate cost that can be expensed (deducted) by regular taxpayers under Code Sec. 179 for any tax year cannot exceed:
....$500,000 for tax years beginning in 2013
....$25,000 for tax years beginning after 2013
Notice the drastic drop in the amount that can be expensed ....2013 vs. 2014!
If your business will show a profit by the end of the year, you can reduce the amount of tax you will pay if you purchase equipment for your business. [You can only write off the purchase if you have a profit.] In order for the purchase to qualify, you must be invoiced and paid in full by December 31st. It's okay if the equipment is delivered after the New Year.
AS WITH ANY IMPORTANT BUSINESS DECISION, PLEASE CHECK WITH YOUR FINANCIAL ADVISER TO DISCUSS WHAT IS BEST FOR YOUR BUSINESS.
Put your 'hard earned' dollars to work for YOU!... Invest in your business.
SHORT ON CASH? DON'T WANT TO USE YOUR CASH? NO PROBLEM. We can assist you with financing that will allow you to keep your cash reserve and still take advantage of the year-end deduction!
Let us show you 'the way.'
New things are coming! Stay tuned!!