Season’s Greetings! It’s December. There is a crispness to the air. Lights are everywhere. Music is playing in the streets. And Section 179 of the United States Internal Revenue Code (26 U.S.C. § 179), allows a taxpayer to elect to deduct the cost of certain types of property on their income taxes as an expense up to $500,000.00 for property purchased in 2010. It is time to focus on the year’s end. Spend it now, get a break on your taxes from Uncle Sam in 2011.
How are you positioned to wrap up your year? What reports are you required to produce from your billing or accounting software to keep your accountant happy? How about for your clients? There are lots of year-end maintenance tasks you can perform in your billing and accounting software that will both provide useful analytic information for 2010, and help you start the new year on a better footing, with a “leaner, cleaner” database.
Have you met with your accountant or financial advisor yet to plan your organization’s tax strategy? Can you make any last-minute purchases to maximize your present tax position? Have you been considering adding new technology to your practice?
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 hardware and software vendors face their own end of the year, and offer sales and discounts to boost their revenues. Do you know about these hidden gems? Dell seems to be particularly focused on “year-end specials” (we get 3-4 pieces of mail per day from them in December). If you are considering a hardware purchase, this is a great time to shop for the best prices.
The consultants at Eastern Legal Systems support a variety of software and hardware products, and can work with you to get the best pricing on software upgrades and new technology 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. And those services are also often able to be “bundled” into a Section 179 recapture, if purchased in conjunction with an upgrade.
Call us at 1-877-ELS-0555 for more information on leveraging your technology purchases and saving on your tax bill.
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.
