If you are thinking about buying or leasing new equipment, furniture, computers or lighting, 2009 is the year to do it. Small business owners who buy or lease new equipment can write-off 100 percent of the cost under the American Recovery and Reinvestment Act. In addition, the Economic Stimulus Act of 2008 and the Recovery Act of 2009 have provided the small business owners with generous new (and higher) deduction limits.
The new Freestyle System in Salon Beck in Cincinnati, Ohio, qualifies for the Section 179 tax deduction.
Check out the Section 179 website for information on equipment that qualifies, deduction limits and a deduction calculator that helps you calculate how much you can save.
"Section 179 of the IRS Tax Code allows small businesses to deduct, for the current tax year, the full purchase price of financed or leased equipment that qualifies for the deduction," explains Blair Hopper, president and CEO of Freestyle Systems. "Both our SpectaLights and FreeStylist Systems qualify for this deduction. The program enables salon owners to improve and re-invest in their businesses to keep them competitive and successful," he concludes.
Salon owners interested in applying for the deduction must do so by December 31, 2009.