As the year is coming to a close, now and before December 31st is an excellent time to take advantage of equipment purchases such as copiers, printers, scanners and other multifunction devices. Although this equipment can be used for both personal and business purposes or ‘listed property,’ you may be able to deduct a certain percentage of the business equipment, providing you have proof that it’s used primarily for business reasons.
We have found many of our customers are up for renewal with their lease or wish to upgrade to new and better models. Some even wish to purchase their equipment prior to year-end and enjoy tax credits on this and other and office expenses as a tax deduction.
Often times people aren’t thinking about this because of the Holiday’s and celebrations but we wish to remind people that there has never been a better time to review your equipment needs and therefore, deductions.
The purchase cost is a deductible expense, providing it’s for business use and in many instances as we target organizations like yours, proof for business use is a no brainer. The expense may be taken over a shorter or longer period of time, so we suggest contacting your tax preparer to be certain what is best for your company, large or small.
Happy and Healthy Holidays to all and may everyone stay safe!
Call today 800.422.0800 or fill out our form on the contact page to learn more.