It’s Christmas, but bear in mind it’s also almost the end of 2013, and there are some very good things that might not be around after 2013. One of those is the Section 179 Business Tax Break, which is substantially greater than it was in 2012, and not something you want to let pass by. If you’re thinking about purchasing, now truly is the best time.
I’m trying to simplify this as much as possible because it’s admittedly complicated. If you’re considering purchasing business equipment, we highly recommend ordering soon to take advantage of this opportunity to save! The deductions allowed under Section 179 have increased by 400% for 2013, and they are retroactive to 2012.
Section 179, simply put, states that, if it’s located in your business and it’s not a part of the actual building, it’s probably tax deductible if you purchased it in either 2012 or 2013 for your business. It could be as small as new tea glasses or as large as ice makers or ranges . The deductions apply to both new and used equipment, although the deductions on new equipment are greater. You may apply these deductions to equipment used jointly for both business and personal use. This is a staggeringly generous tax break, even more generous than last year. If you haven’t purchased equipment and you’re thinking about it, now is the time to stop straddling the fence. Buy your restaurant equipment now so you can take advantage of this tax break!