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As Section 179 Nears Expiration, Balboa Capital Sees Increase In Business Equipment Leasing
The current Section 179 tax deduction limit is expiring on December 31, 2012, so now is the time for small businesses to acquire new equipment and related property that qualifies. The Balboa Capital press release has the full story.
IRVINE, California, November 5, 2012 – Balboa Capital, a leading equipment financing and working capital loan company in the United States, is seeing an increase in capital equipment investing by small business owners who want to take advantage of the current Section 179 tax deduction before it expires on December 31, 2012. After this deadline, the Section 179 deduction limit will drop to $25,000 from its current limit of $139,000. Balboa Capital recently launched a comprehensive awareness campaign that includes a Section 179 infographic and Section 179 video that highlights their online Section 179 tax calculator.
Race Against Time for Business Tax Write-Offs With 2012 coming to a close, now is the time for businesses to acquire new or used capital equipment that qualifies under Section 179. Companies can write off the full purchase price of qualifying equipment that is bought and put into use before the end of the year. “Investing in new equipment is a way for businesses to grow and succeed, and Section 179 encourages this,” said David Chiurazzi, Chief Financial Officer at Balboa Capital. He adds, “Small businesses are on the fast track to get new equipment because today’s generous tax deductions won’t be here in 2013.”
Understanding Section 179 The Section 179 tax deduction is an IRS tax code that allows businesses to deduct up to $139,000 worth of eligible business property that is purchased or financed in 2012, instead of depreciating the asset over several years. On January 1, 2013, this maximum deduction is decreasing to $25,000, and the first-year bonus depreciation on new equipment, which is currently 50%, will be eliminated. Only tangible, depreciable business property qualifies for Section 179, such as office equipment, computers, machinery and business vehicles. “There’s a list of qualifying equipment on the IRS website, but business owners should always consult with their accountants,” said Mr. Chiurazzi.
About Balboa Capital Established in 1988, Balboa Capital has provided fast, dependable funding to thousands of businesses nationwide that use the Section 179 tax deduction. Balboa Capital is one of the largest independent finance companies in the nation delivering access to capital, speed of processing, leading-edge technology and innovative marketing tools that help fuel the growth and success of today’s businesses and equipment vendors. Visit www.balboacapital.com today.
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|Contact Name:||Jake Dacillo, Marketing Director|
|Organization Name:||Balboa Capital Corporation|