Last-minute Opportunity to Save Twice the Money



From Passport Software’s newsletter published December 13, 2016

Watching the news, it hit me.

For 2106 the corporate tax rate is 40% for most businesses.

Investing $100,000, for example, in capital purchases this year and using Section 179 to expense all $100,000 on your 2016 taxes, could save you 40% or $40,000. It’s like getting a 40% discount on those purchases. Plus, off-the-shelf computer software (shameless plug) is a qualifying purchase!

Next year the corporate tax rate will likely be 15% to 20%, providing the new administration follows through on its promise.

If you wait until 2017, the same purchase would potentially save you $15,000 or $20,000 in taxes. Not bad, but I would prefer to save $40,000 now. Yes, it still costs you $60,000, but you are getting $100,000 worth of business assets.

I am not a tax accountant, so talk with your professional. But do it quickly if you want to possibly save twice the money.

John A. Miller, President

Passport Software, Inc.

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