Larry Hinckley
Hall of Fame Member
DID YOU KNOW?
THE FOLLOWING ANNOUNCEMNT WAS RELEASED BY THE SALES AND MARKETING DIVISION OF ALTO.
Did you know that a tax law change for 2001 is a new allowance for writing off equipment purchases? This new rule stems from a concern that many businesses will hold off purchasing equipment due to the current economic downturn or any fallout from the September 11th terrorists attacks.
Typically, if a company purchases equipment and uses it in the final quarter of the year they will pay a mid-quarter convention to cover depreciation. The IRS has lifted that requirement, allowing companies to expense up to $ 24,000.00 for any equipment purchased late in the year.
This means a contractor who purchased and began using a pressure washer in November or December can completely write off the cost of the machine under Section 179 deductions filed with Form 4562.
Click on www.irs.gov go to the bottom of the page and choose "forms" to print the form.
THE FOLLOWING ANNOUNCEMNT WAS RELEASED BY THE SALES AND MARKETING DIVISION OF ALTO.
Did you know that a tax law change for 2001 is a new allowance for writing off equipment purchases? This new rule stems from a concern that many businesses will hold off purchasing equipment due to the current economic downturn or any fallout from the September 11th terrorists attacks.
Typically, if a company purchases equipment and uses it in the final quarter of the year they will pay a mid-quarter convention to cover depreciation. The IRS has lifted that requirement, allowing companies to expense up to $ 24,000.00 for any equipment purchased late in the year.
This means a contractor who purchased and began using a pressure washer in November or December can completely write off the cost of the machine under Section 179 deductions filed with Form 4562.
Click on www.irs.gov go to the bottom of the page and choose "forms" to print the form.