Season’s Greetings! It’s almost December. There is a crispness in the air. Lights are everywhere. And Section 179 of the United StatesInternal Revenue Code (26 U.S.C.§ 179), allows an individual or business taxpayer to elect to deduct the cost of certain types of business-related property or expenses purchased in 2011 on their income taxes as an expense up to $500,000. According to the website http://www.section179.org, this limit will go down in future years. So is now a good time to invest in your business? It is time to focus on the year’s end.
How are you positioned to wrap up your year?
What reports are you required to produce? For your organization? For your clients?
- Have you met with your accountant or financial advisor to plan your organization’s tax strategy? Can you make any last-minute purchases to maximize your position?
- How well is your network and hardware functioning? Do your year-end plans include upgrades? How would new equipment – and the new Windows 7 operating system — impact your existing programs and applications?
- Is it time to upgrade your software? Many software companies face their own end of the year, and offer sales and discounts to boost their revenues. Do you know about these hidden gems?
One of our leasing vendors has sent us a fun link to demonstrate how much you can save on your 2011 taxes by taking advantage of th Section 179 provisions of the tax code. If you are considering a purchase before year end, click here to see the impact that software or equipment purchase can have on your 2011 taxes.
Our consultants at Eastern Legal Systems support a variety of software products and can work with you to get the best pricing on upgrades and new software purchases. We can also work with you in the areas of implementation, customization and training so you can get the most out of the programs you own. Call us at 1-877-ELS-0555 for more information.
Dana Riel is President and Founder of Business Solutions, Inc., serving the Washington, D.C. metropolitan area since 1985. Her firm is the authorized training center for the region for Time Matters and PCLaw by PCLaw|Time Matters, PLLC; Timeslips and Sage 50 Accounting by Sage Software; and QuickBooks by Intuit Corporation. She also serves as a consultant for Caret Legal (formerly known as Zola Suite), CosmoLex, Soluno & TimeSolv. As a trainer, Dana has provided training services to organizations such as the DOD Defense Logistics Agency, Judge Advocate General’s Office (JAG)/Department of the Navy, University of the District of Columbia School of Law, U.S. Department of Commerce and the U.S. Department of Veterans Affairs, as well as with small‐ to mid‐size law firms in the Baltimore‐Washington D.C. area. In 2009, she participated in the series of day‐long seminars sponsored by the District of Columbia Bar Association Practice Management Section, titled “Basic Training: Learn About Running a Law Office”. Ms. Riel also served as an Adjunct Professor in Georgetown University’s Paralegal Studies Program, having taught the course, “Legal Ethics/Legal Technology” in 2009; and “Legal Technology” for the Spring and Summer Semesters of 2010. She presently serves on the Advisory Board for PCLaw|Time Matters, PLLC.
