I have gotten some questions regarding my last post on Section 179 Deductions, mostly what types of equipment qualify for the deduction? Technical Excerpt: Section 179 of the United States Internal Revenue Code (26 U.S.C. §179), allows businesses to immediately deduct the cost of certain types of property” “Certain types of property”…. there’s the rub… Well the truth is,… Read More »
Before you start scratching your head while scrolling down the page looking for sections 1 through 178, I am referring to the US IRS Tax Code. It’s day 2 of the 4th quarter rush and a lot of the new recruits have no idea why it gets so crazy in the office during this time. Most of the… Read More »
I called a friend of mine last night, and his 5 year old daughter answers, saying “To Whom am I speaking?” I just about busted out laughing. It reminded me of what I am doing here… who am I? And why should you care? Well the first question is easy; the second question has to do with sanity… Read More »
I just read a recent post on another blog about how Section 179 was leveraged in the copy machine sales business. Special thanks reminding me of Section 179 in the IRS Tax Code and how it creates “urgency”. I’ll use his quote here. “Time is limited as the asset must be placed in service by the end of… Read More »
Note: Because leasing has such a wide definition, for this article I am specifically talking about lease purchases (where the intent is to purchase the equipment at the end of the term.) What is the difference between a Lease and Loan? This is a pretty broad topic, but the basics can be covered in a succinct fashion. Technically…… Read More »