Although it's only September, the end of the year is fast approaching! Before we realize it, it's going to be the end of the year and if you're like me you will be scrambling for last minute holiday gifts. The good news is that the 4th quarter of the year is probably the best time of year for buying any new equipment for your business.
The last quarter of the year often offers lower rates because lenders are calendar year tax payers and they are also striving to meet or exceed their year-end numbers. In addition to lower rates, they often tend to be a bit more flexible with their criteria. This is to your advantage so why put off that purchase any longer?
Also, start talking to your accountant about year-end tax planning. The goal here is to increase expenses and delay income. You can secure an entire year's worth of tax write-offs in only a couple of months. Buy any needed equipment now before the new year. Expensing equipment cuts your adjusted gross income, lowering your tax liability
Brad Harmon is the President at a leading financing company, First Star Capital (http://www.firststarcapital.com/ ). Brad is a frequent contributor to online publications and newsletters, and is the author of this blog on commercial financing topics.
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