Thursday, December 27, 2012

Depreciation Bonuses on Trucks, Trailers, and Forklifts: Grab ‘Em before 2013!

We’re a proud, family-run business in the heart of Ohio, and we’re here to give you this bit of advice, one small business to another: 2013 is looking to be another rough year; at least there’s the strong possibility. If the Executive and Legislative branches of government don’t settle their differences and come to some kind of agreement by the end of this year, there are going to be consequences for small business that nobody in his or her right mind – Republican, Democrat, You-Name-It – would want to see.

And you thought 2012 would be a pretty tough act to follow, huh? As it turns out, our nation may well decide to remain undecided on how to reduce its massive national debt by the end of this fiscal year. If that happens, come January 1, 2013, we’ll all wake up in our beds and find we’ve fallen off the so-called “fiscal cliff” everybody keeps talking about. That means mandatory tax increases across the board for American citizens and businesses alike. That means tax deduction policies that have helped businesses such as yours and ours throughout these last, few, trying years will be staunched and stifled.

Some of our nation’s best tax deduction small business incentives – specifically the Bonus and Section 179 depreciation deductions – are going to plummet this next year. And by plummet, we do unfortunately mean it. Currently, as things stand in 2012, the Section 179 deduction gives you up to $139,000 off equipment purchases intended for your business. That’s a pretty good deal by our reckoning, especially since this deduction is still applicable up to a ceiling of $560,000 in needed equipment purchases. That being said, if the worst comes to pass this New Year, that deduction incentive will suddenly find itself reduced to $25,000 – not exactly much in the way of stimulating your business and getting it up and growing, right? Well, what can we say? When you’re right, you’re right.

We have a fleet of trucks, forklifts, and flatbeds that are still available for purchase prior to 2013 – and that still come with 2012 depreciation deductible guidelines if purchased before the New Year. You name the make and model and we most likely have one (or several) on our lot. It’s up to you – the competitive entrepreneur – to seize the moment before it becomes too… bureaucratic. Call us right now, today.

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