You never forget your first time… (with Section 179)

I’ll never forget my first experience with Section 179. It was well over a decade ago, back before I started on the equipment financing path I’m now on. In fact, back then, I worked a variety of jobs as I figured out what to do with my life (my wife says I’m still figuring it out, but she’s not writing this blog, is she?)

Anyway, I was working as a clerk in a large office supply store. It was New Year’s Eve day, and I was scheduled to work. I was pretty giddy that day, because I was young and carefree, and New Year’s Eve is THE holiday for the young and carefree. We were also closing early that day (4pm, I think), and there was a certain cashier at register 3 that I was taking to the big party that night… oh yes, I was going to ring in the New Year with style.

I also anticipated a slow day – I mean, who the heck shops for office supplies on New Year’s Eve? My co-workers who worked last New Year’s Eve said different – they said it would be busy. I scoffed, but then saw the crowd that was building at the door right before opening. It puzzled me – listen, people line up at the opening of Disneyworld, not an office supply store.

But line-up they did, and for the next seven hours, it was bedlam. People were popping out of the woodwork to buy office supplies. And I’m talking big (and heavy) stuff – the all-in-one fax/copiers, computers, office furniture, etc. It was one of the busiest days I ever worked.

Finally, about 3pm, I asked one of the customers “what the heck is going on?”  He replied that there was this tax code that said that if a business bought (and put into use) equipment before the end of the year, they could deduct the entire purchase price. So EVERY business in town made sure they took advantage before the end of the year. And since this was the holiday season, it always gets put off until the last minute. Hence, poor Fletch lugging copiers down from the top shelf at 3:59pm…

So we close at 4pm, and end up turning people away. The day is over. And I’m exhausted – I mean, I’m pooped.

Now, you probably expect me to say something like I fell asleep on my date, but I remind you that I was young and carefree. I got the second wind that all young people can call up on demand, and we had a wonderful time. So wonderful, in fact, that I forgot the busy day and such, and it wasn’t until many years later, sitting at the desk that I now occupy, that I finally understood what the big hoopla was all about.

The end of the year is coming soon – don’t wait until the last second the take advantage of section 179. Your friendly equipment financing person (me!) will thank you, and so will some poor office supply store clerk.