You might be thinking about starting off the New Year with some new office furniture. However, if you wait until 2012, you could miss out on a pretty substantial tax benefit for small businesses. Under Section 179 of the IRS code, you can currently depreciate the full amount of business equipment purchases right away (up to $500,000) instead of on the regular schedule over a period of many years. This deduction is being steeply reduced in 2012 and even more in 2013.
Think about what a nice juicy deduction might do for your business tax return this year. The only caveat for this tax incentive is that you have to take delivery by the end of 2011. This means purchasing items that are in stock is your best bet. We’ve got a huge inventory of used and refurbished office furniture (including cubicles) that’s ready to go on short notice. Let’s see how much money we can save you before Christmas!