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.