Purchase now, Tax Deduction is Shrinking — Massively

For many businesses, equipment purchases for operation and business can be used as tax deductible items when filing income tax to the IRS. Under the Small Business Jobs Act of 2010 Tax Provisions which effects tax years beginning in 2010 and 2011, quaifying business can expense up to $500,000. This applies to new and used equipment. In addition, the Tax Relief Act of 2010 also allow companies who acquire more than $2,000,000 in qualifying equipment to receive a bonus depreciation of 100% on the amount that exceeds the $500,000 amount. This applies to new equipment.

All of this, will be shrinking: the reportable expense will be shrunk over 70% in 2012, and over 90% in 2013; while the bonus depreciation will drop to 50% of the current value.

So if you are on the fence about upgrading and expanding your operation, there are still time left to take advantage of this huge tax break, but the catch is — you must be able to use the equipment within the 2011 tax year, that is about 2 weeks left.

Myriad Supply, will be able to source your equipment and deliver to you quickly, and often next-day without fail if you act quickly. Don’t let this chance slip away, and contact one of our account executive now.

Source // Joyce M. Rosenberg, AP Business Writer
Resource you can use // Courtesy of Fort Capital