With tax season coming to a close, we know you want to keep thoughts about taxes in the back of your mind until next year. But considering tax deductions with every business decision you make can keep your hard earned money in your pocket (and out of Uncle Sam’s)! With true tax leases, you can receive the best tax advantage for your business, or reap huge benefits from Section 179.
With a true tax lease, you may have the ability to write-off your monthly lease payments. There is usually a fair market value purchase option, and at the end of the term you may either purchase or return the equipment. Below is an example of what you could save on $50,000 worth of equipment by getting a true tax lease.
Under Section 179, you can expense 100% off the cost of equipment acquired this year up to $510,000. Depending on your tax bracket, you can save a portion of that equipment cost in tax savings. We can structure your lease with a PUT (Purchase Upon Termination) option at the end of the term. Equipment must be purchased or the lease renewed to be eligible for this deduction (meaning the equipment cannot be returned). Below is another example of what you can save with Section 179.
Geneva Finance can offer you true tax leases and help you save money with Section 179. Want to calculate your tax savings? Try Geneva Capital’s Tax Savings Calculator.