WASHINGTON — When the Economic Stimulus Act of 2008 was signed into law, it did a lot more than put $600 checks into the pocket of many Americans — it also greatly eased the tax burden for coin laundries that wanted to buy new equipment. If you’re looking for plain-English information regarding Section 179 before 2008 ends you might want to check out www.section179.Org. The information on this site has been culled from the combined knowledge of several financial professionals, and is completely free.The site also includes a Section 179 deduction calculator designed to make your computing deductions simple.If you’ve been considering adding equipment to your laundry, but have been putting off your purchase, keep in mind that at this point, there’s no reason to believe that the greatly enhanced Section 179 benefits will be extended into next year. “Because the Economic Stimulus Act of 2008 greatly enhanced Section 179, it’s the perfect time for any business to buy new equipment,” says Chris Fletcher, equipment finance veteran. “This means that everyone involved in any kind of business equipment — from the manufacturers to the distributors to the sales force — should make certain their client base knows all about Section 179.”
Have a question or comment? E-mail our editor Bruce Beggs at [email protected].