Buy it NOW!

by Larry Emmott on November 30, 2008

in Management

If you are planning to purchase some new technology do it now to save on taxes. Follow the link below for the full article. Of course this blog is not proper tax advice and each individual is unique, consult your tax pro…blah blah balh. However the bottom line is that you can write of the entire expense of new computers and other equipment right now ,this year, if you install it before Dec 31.

The Section 179 “expensing” deduction allows a business to write off the full cost (rather than depreciating it over several years) of certain business assets, including machinery, vehicles, equipment, and computers, up to a certain dollar level. For 2008, the maximum deduction limit was increased to $250,000, Hanley says. Note that the asset must be “placed in service” in 2008:

Tips for Yearend Tax Planning – BusinessWeek.

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