Not that you probably need it, but I just wanted to give a quick reminder that it is indeed Tax Day (one of the high holy days for us financial people, even those of us who finance equipment.) If you haven’t filed your tax return for 2007, well, today’s the day.
If for some reason you cannot file by midnight tonight, you can apply for an extension. Simply file form 4868 (click the link to download it from the IRS website.)
It’s also time to start thinking about next year’s return. As previously stated in this blog, Section 179 looms big for businesses looking to buy new (or used) equipment. The tax incentives are substantial, so if you haven’t thought about new or used equipment purchases, it may greatly benefit your bottom line to do such. In many cases, you can finance new or used equipment, and the finance payments may actually be lower than the revenue the equipment generates. That, added to the new Section 179 tax incentives for 2008, means that equipment financing (or equipment leasing) can make 2008 more profitable than you may have forecasted. These are just some of the things I think about on tax day.
Ok, time to get back to work. Have a great Tax Day everyone. I’m going to celebrate later by…. well, us finance professionals don’t like to air our Tax Day rituals, but let’s just say it may involve a big desk sweeping and a bonfire.