The End of the Year is Coming on FAST!

Have you taken a quick peek at your calendar recently?

Thanksgiving is upon us. Christmas will be here and gone before you know it. The end of the year is coming… and it’s coming FAST! If you’re feeling like you still have more work left to do than you have year in which to do it… you are not alone!

One item that you can check off your to-do list is taking stock of your end of year options for saving money on your taxes. Sounds exciting, right? We know it’s not the most festive and exciting thing to do but saving money makes it worth a look… and it can’t wait until next year. That’s too late!

Now is the time to benefit from tax savings.

Check in with your tax professional to assess your company’s situation and develop a plan right now!

Don’t wait until after the new year when opportunities have passed by… one SMB incentive to consider is the Section 179 Tax Deduction and bonus depreciation.

What Property Can Be Depreciated?

You can depreciate most types of tangible property (except land), such as buildings, machinery, vehicles, furniture, and equipment. You also can depreciate certain intangible property, such as patents, copyrights, and computer software.

To be depreciable, the property must meet all the following requirements.

• It must be property you own.
• It must be used in your business or income-producing activity.
• It must have a determinable useful life.
• It must be expected to last more than one year.

This is why a quick check-in with your tax professional is a great idea. They can quickly identify your areas of opportunity for end of year tax strategies. You may either already have qualifying property that can be depreciated or they may recommend that now is a good time to acquire property that you anticipate needing soon.

To lock in these tax savings, qualifying property must be placed in service before December 31, 2017. Bentwood Financial specializes in solving cash flow problems. If you want to take advantage of these tax savings and find yourself wondering how you can get more qualifying equipment into service before the end of year without putting your business in a financial bind… please reach out for a no-obligation consultation.

Have questions about how acquiring equipment before the end of the year can work for your business? Call us at (817) 479-3602 to schedule a free consultation.

*The content of this page is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service, nor to offer any tax, legal, or financial advice. Be sure to consult your own accountant or tax advisor regarding the tax consequences of your leasing and financing transactions.*