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2010 BUSINESS TAX INFORMATIONLower the True Cost of Ownership on Your Business EquipmentThere are a number of very attractive tax benefits that are currently available that can be utilized to supplement your facilities growth. Use this tax calculator to estimate your tax benefit for a qualified purchase for your facility.
Tax Savings Calculator - Section 179 DeductionPlease enter the cost of equipment and click 'Submit'.Tax benefits are calculated using an estimated income tax rate of 35%. This calculator presents a possible tax scenario. This page and calculator are not tax advice. The indicated tax treatment applies only to transactions deemed to reflect a purchase of the equipment or a capitalized lease purchase transaction. Please see your tax advisor to determine the tax ramifications of acquiring equipment or software in your particular situation. Section 179 - $250,000 Expensing AllowanceCongress extends the amount that small businesses may write-off for capital expenditures: $250,000!Business owners who acquire equipment for their business: machinery, computers, and other tangible goods, usually prefer to deduct the cost in a single tax year, rather than a little at a time over a number of years. The deduction, known by its section in the tax code, is the Section 179 deduction. Under Section 179, businesses that spend less than $800,000 a year on qualified equipment may write-off up to $250,000 in 2010. The rules are designed for small companies, so the $250,000 deduction phases out when a business purchases more than $800,000 in one year. (Companies cannot write off more than their taxable income). Benefits of Finance Agreements and Capital LeasesMaximize the tax benefit with a Group Financial Services finance agreement (conditional sales contract) or capital lease. Both allow a business to acquire equipment with a low monthly payment while taking advantage of the Section 179 – $250,000 expensing allowance. Examples of capital leases include a $1.00 buyout lease and a capitalized 10% purchase option lease.Contact a Group Financial Services representative today to discuss financing your next equipment or software purchase.
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