PRZOOM - /newswire/ -
Atlanta, GA, United States, 2007/12/05 - Crest Capital, a leading equipment finance company, has launched an online tax calculator to help small and medium sized businesses see how much they can save by taking advantage of section 179 of the IRS tax code.
When the leaves turn color and holiday music starts filling the air, many businesses turn their attention to taxes, and the potential savings they can reap by purchasing equipment before the end of the year. This is due to “section 179”, a provision in the US tax code that allows businesses to take a full, immediate tax deduction for equipment.
One of the leading questions many businesses have is “how much can I lower my tax bill by buying something now?” To help answer that question, leading equipment financier Crest Capital has launched a free online “section 179 tax calculator” at their site. This calculator is free for anyone to use with no obligation, and is designed specifically to give businesses a good idea of what they can save.
Crest Capital National Accounts Manager George Messic says this new service has been quite popular so far: “One of the biggest questions we get at this time of the year is businesses asking how much money they can save on their taxes by adding equipment and vehicles before December 31” remarked Messic “so we figured we’d help by creating this online calculator and making it available to everyone. And it’s been a hit - we’ve gotten great feedback, because taxes are on everyone’s mind.”
Indeed they are. According to the latest Small Business Research Board study, “Taxes were the leading concern of business owners during the second quarter of 2007 replacing health care.” And since taxes weigh so heavily, it is logical for business owners to attempt to ease their tax burden. Which is where section 179 comes into play.
“In a nutshell, section 179 allows a business owner to take a FULL deduction on many pieces of equipment.” explained Messic “The old way was to depreciate equipment over time, and take a small deduction each year. But now businesses can buy, for example, a delivery truck or new computers, and ‘write off’ most, if not all, of the purchase price this tax year. Which can lower the taxes owed substantially.”
Besides the free online calculator, Crest Capital’s website also offers other free information regarding section 179 and year-end taxes, as Messic feels it’s important to give visitors as much information as possible about the tax code. He also stresses the importance of acting while the deduction is still in place: “Nobody knows how long the section 179 deduction will be around. It may make better fiscal sense to buy something now, as opposed to waiting another year or two.”
About Crest Capital
Crest Capital (crestcapital.com) provides small & medium-sized businesses the equipment financing they need, at rates that are lower than traditional financing. Clients simply complete an application, without the need for financial statements or tax returns, and receive a decision almost immediately (as opposed to weeks). Whether a business needs financing for vehicles, equipment, electronics, furniture, or software Crest Capital is there to help.