- Created on Wednesday, 03 September 2003 03:56
- Written by Mike Floyd
The tax bill recently passed by the U.S. House and Senate not only provides tax cuts for individual taxpayers; it also greatly benefits business owners. New tax incentives make 2003 the opportune time for on-premise and coin consumers to invest in new equipment.Businesses that haven’t already invested in equipment should do so before the end of 2004. The recently passed legislation allows companies to immediately write off up to 50 percent in bonus depreciation on first year eligible equipment purchases, according to an AccountingWeb.com article. For small businesses the tax law also raises the amount of money that can be deducted on certain asset purchases.
“To drive business investment, small enterprises will be able to immediately write off $100, 000 in new equipment purchases and all businesses will be able to expense half their investments this year,” according to the Associated Press.
Our country’s new tax bill will further complement the Job Creation and Worker Assistance Act of 2002, which allows businesses to accelerate depreciation expense into the first year of ownership of new assets. Together, these incentives will significantly impact our ability to sell. .
So, let’s capitalize on this once-in-a-lifetime opportunity by educating our customers about how they benefit.
For more information about the details surrounding the tax law, access the following hyperlinks:
http://www.accountingweb.com/ OR http://www.nytimes.com/aponline/national/AP-Bush-Taxes.html
Mike Floyd is the executive vice president of Continental Girbau, Inc., manufacturers and distributors of commercial and industrial laundry equipment. Girbau S.A. markets its products throughout 80 countries worldwide. Mike is one of the initial founders of the Continental Girbau Inc., and has been in the laundry industry for more than 19 years.
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