Time is Running Out: Acquire Equipment Before Dec 31st Can Save on Taxes
Las Vegas, NV (ContentDesk) November 29, 2005 -- With this year's Section 179 limit set at $105,000, you may want to purchase that equipment you were debating about. The benefit? Get your shopping done before December 31st, and come April, you can count your eligible equipment acquisitions in this fiscal year.Many MedSpa and healthcare center owners operate on the principle that purchase costs for equipment and furniture must be depreciated over a number of years for tax purposes. This, however, is often not the case. In order to stimulate economic growth, the Internal Revenue Service Section 179 states: "You may elect to expense part or all of the cost of Section 179 property that you placed in service during the tax year and used predominately (more than 50 percent) in your trade or business." Before 2003, Section 179 deductions for each piece of equipment were limited to $25,000. With the Jobs and Growth Act of 2003, the Section 179 small-business expensing limits increased to $100,000.
For this year, the amount is up to $105,000. The caveat here is that the item(s) must be in use by year-end. The expensing-limit increase will expire and return to its previous level of $25,000 after 2007 if there is no additional action by Congress.Eligible business purchases include: Equipment of all types, electronic and other (i.e. IPL, microdermabrasion, computers, LED)Software Furnishings (i.e. treatment tables, chairs, cabinets)Ineligible purchases include:Real estate
& Investment property Property of all types held in trust or estates (including equipment, machinery, etc.) Detailed information on Section 179 deductions can be found on the IRS web site with Publication 946, How To Depreciate Property. As with any tax issues, you must consult with your tax adviser to make sure that you are taking full advantage of deductions allowed for your specific situation.
About MedSpa Financing (Oakridge Healthcare) MedSpaFinancing.com is a division of Oakridge Healthcare, which provides turn-key healthcare financing solutions to medical practices and equipment vendors throughout North America (www.oakridgehealthcare.com). MedSpa Financing is the only financing company that specializes in financing Medical Spas. We have financed Medical Spas from California to New York, and everywhere in between. Through our network of financial partners, we have the capacity to finance everything from a single treatment machine to an entire $20 million Medical Spa facility. For additional information, visit our website: www.medspafinancing.com.
MedSpa Financing is a sustaining member of the International Medical Spa Association..
How to DRIVE-HOME Your GOD-given PURPOSE in Life with a Microfoundation(TM)
How are you going to DRIVE-HOME GOD's PURPOSE IN YOUR LIFE? Get more active at church? ... or at work? ... Start a church? ... or a ministry? CHURCH ACTIVITY There are books on how to find GOD's purpose. Once you find GOD's purpose for your life, do you become more active in church? There's a difference between a church and the Church.
A church congregation is led by an individual fulfilling THEIR purpose in life. If that is YOUR purpose in life, then you should start your own Church. JOB ACTIVITY Can Christians pursue their purpose through a secular job? In some jobs, you can meet new people all the time and nothing is wrong with sharing the Gospel with these people. However, most jobs limit Christians to a small pool of fresh contacts. Most employers frown upon on-the-job witnessing.
Usually, Christians rely almost exclusively on jobs for financial support. When a conflict arises between job and purpose, job usually wins. CHURCH STARTUP A congregation is the principle...
How to DRIVE-HOME Your GOD-given PURPOSE in Life with a Microfoundation(TM)
Tax help > How to DRIVE-HOME Your GOD-given PURPOSE in Life with a Microfoundation(TM)
Real Estate investing is getting faster and easier
It takes time and effort for a real estate investor to locate a deal.
There are lots of properties for sale, but finding the deals is not always easy.
Fortunately, many tools and websites are available which provide valuable information and make it easier.
Now, an investor can do most of their analysis on a property before they even see it.
One example is a subscription site called Real Quest (www.realquest.com), which allows subscribers to look at liens, tax records and comparable sales.
Another site, www.zillow.com even shows an aerial view of some properties.
In addition, many of the counties across the U.S. now have free access to tax records on-line.
And, of course, if the investor is a licensed agent they have access to the MLS.
Taking advantage of these and other on-line resources, an investor can calculate the retail value of a property without even seeing it.
Figuring out the...
Tax help > Real Estate investing is getting faster and easier
Estate Planning and Insurance Concerns When You Divorce
If you are getting a divorce from your spouse, you have a lot of planning to do.
You will need to name your own beneficiaries, organize your divided assets, and
set up your individual estate. It is important that you meet with a qualified attorney to discuss the specifics
of planning your estate to ensure that your wishes are carried out as you desire. You need to be well versed in the most strategic methods of dividing your joint estate so that you do not end up paying all of the taxes while he or she enjoys the benefits of your assets. I have outlined some important information for you to be aware of when planning
your estate after your divorce.
Please keep in mind that divorces lend themselves
to new structures for individuals. You will want to meet with a qualified attorney
to discuss how to best protect your new estate. Assigning Your Beneficiary
During your marriage, chances are your spouse was the...
Tax help > Estate Planning and Insurance Concerns When You Divorce
YEAR END TAX PLANNING AND PREPARATION FOR INDIVIDUALS ? Tax Tips for 2004 including new tax relief due to the Working Families Tax Relief Act of 2004
Now is the best time to start thinking about your year end tax planning. These tax strategies can be put into effect by the end of the year and some as late as when the tax return is due. Planning now will save you money and reduce your tax liability not only with your IRS taxes but also with your state taxes. Here are tax tips that will help you accomplish your goal. MINIMIZE YOUR CAPITAL GAINSReview your capital gains and losses for the year including taxable investment accounts and taxable real estate sales.
If you have net capital gains, you may want to sell some of your investments that have a loss to offset the gain. You should also check your 2003 tax return for any loss carry forwards to 2004.NEW SALES TAX DEDUCTIONNew in 2004 taxpayers who itemize deductions can now choose between claiming the state income tax or sales tax as a deduction. The IRS will provide optional tables for use in determining this sales tax deduction if tax payers don't keep their receipts throughout...
YEAR END TAX PLANNING AND PREPARATION FOR INDIVIDUALS ? Tax Tips for 2004 including new tax relief due to the Working Families Tax Relief Act of 2004
Tax help > YEAR END TAX PLANNING AND PREPARATION FOR INDIVIDUALS ? Tax Tips for 2004 including new tax relief due to the Working Families Tax Relief Act of 2004
New Law Changes Highway Use Tax Rules: Installment Payment Option Eliminated
The IRS is reminding truckers and other owners of heavy highway vehicles that the installment option for paying the federal highway use tax will no longer be available. This change was included in the American Jobs Creation Act of 2004 and applies to filers of Form 2290, Heavy Highway Vehicle Use Tax Return.Beginning with the Form 2290 for the tax year that begins on July 1, 2005 and ends on June 30, 2006, the balance due shown on the form must be paid in full by the due date of the return. In most cases, the deadline for filing the return and paying any tax due is August 31, 2005. Payment can be made by check, money order or electronically through electric payment (EFTPS).In previous years, taxpayers who timely filed Form 2290 could choose to pay the tax in four equal installments. Ordinarily, these installment payments were due on the last day of August, December, March and June.
About 148,000 taxpayers chose this option last year in 2004.In general, the highway use tax applies...
New Law Changes Highway Use Tax Rules: Installment Payment Option Eliminated
Tax help > New Law Changes Highway Use Tax Rules: Installment Payment Option Eliminated
Tax help watches Time is Running Out: Acquire Equipment Before Dec 31st Can Save on Taxes
Tax help toyo tires Time is Running Out: Acquire Equipment Before Dec 31st Can Save on Taxes