Tax Benefits of Leasing
DID YOU KNOW:
You can get IRS Section 179 TAX DEDUCTIONS by buying new equipment!
Does the following situation sound familiar?
You’ve recently run across the perfect piece of equipment to add revenue to your business or practice. Best of all, it's reasonably priced. But your budget is tight so you decide you’d better hold off on making the purchase.
But consider this – buying now can keep money in your pocket when you claim the tax benefits.
With Section 179 of the IRS tax code, your tax deduction for new equipment placed in service in 2009 is now $250,000 – whether for clinical equipment, office equipment, computers or software.
Bigger deductions mean less taxes!
Taking advantage of tax strategies like the Section 179 deduction on equipment purchases can help you cut your tax bill significantly. Here’s how:
Let's say you buy a $20,000.00 piece of equipment during the fourth quarter. Recent tax code revisions allow you to expense the entire $20,000.00 from your practice revenue. The result is $ 6,000. trimmed off your taxes if you’re in the 30% tax bracket.
The changes to Section 179 of the IRS Tax Code can make acquiring any practice equipment – whether it’s clinical, office equipment, computers or software – a great business decision.
Advantages of Leasing and Financing
The obvious advantage to leasing or financing equipment and then taking the Section 179 Deduction is the fact that you can deduct the full amount of the equipment, without paying the full amount this year. The amount you save in taxes can actually exceed the payments, making this a very bottom-line friendly deduction (you are reading this correctly - in many cases, the deduction will actually be profit.)
Speak to an Expert
At Edison Capital Leasing LLC we can help you to take full advantage of the benefits of Section 179. If you have any questions, or simply wish to explore your leasing options, contact Jim Gibbons at 801-548-3197.