Earlier this year the new 2009 American Recovery and Reinvestment Act (ARRA) was enacted allowing for deductions of up to $250,000 on a list of expenses including equipment and optical displays.
What could this mean for your practice? One of the big benefits is not having to wait 5 years for depreciated values to pay off. You can use the deduction on this years tax return. If you have been on the fence or thinking about reinvesting in your business, now is the time as this all ends December 31, 2009.
To read more I found this site very helpful, www.section179.org. It has information, in easy to understand language, on questions like:
• What is Section 179?
• What equipment qualifies for the Section 179 Deduction?
• Can I lease equipment and still qualify for Section 179?
• What did the Economic Stimulus Act of 2008 do to Section 179?
• 2009 American Recovery & Reinvestment Act and Section 179?
• How do I elect to take the Section 179 Deduction?
To me it seems like a lot of money on the table that is not only designed to help the small business person in general but could be especially helpful in the optical industry as the need for new equipment and optical dispensary upgrades seems a constant.
Of course, I have to throw a plug in here for our business, if you would like to hear how Illusion Optical Displays can help you take advantage of ARRA Section 179 before the end of the year, give me a call directly at 616-242-0973.
Please remember that I’m not an accountant and not in the business of giving accounting advise so be sure to check with your tax professional as to whether or not Section 179 will benefit your business.
Also, if you are already taking advantage of this program be sure to share how you are using Section 179 in the comments below so others can see how it might benefit them.