With so many things to think about as the year comes to a close, there is one thing that we do not want you to forget. Customers that purchased or leased equipment with Phillips in 2013 may elect to take the Section 179 tax deduction during the next tax season.
Stephen Osborne, Tax Planning Expert at McDonald & Osborne, PA in Naples, Florida advises that, "Section 179 can be a very useful year-end planning tool, especially in years in which the business has been very profitable and the owners are facing a large tax liability. If large purchases need to be made anyway, might as well make them while cash is available. Electing section 179 on vehicles, equipment, etc. can wipe out up to $500,000 of net income in 2013, thus lowering your tax liability."
This deduction is not automatic. Because of the value of accelerated deductions vs. recovery over time, you may find it valuable to better understand these tax provisions and determine if they can work to your advantage. Don't delay - speak to your tax and accounting advisors today to maximize these and other incentives this year!
Follow this link for more information on enhanced benefits for 2013: http://www.section179.org/.