Now's the Time to Take Advantage of Tax Code Credits/Deductions
Posted Aug 12, 2014, Published August 2014
LMT’s Buyer’s Guide is timed to coincide with your end-of-year fiscal planning and serves as a reminder that the cost of purchased or leased equipment (as well as off-the-shelf software) can be deducted under Section 179 of the IRS Tax Code.
Note, however, that for the last four years, this stimulus act had increased deduction limits to as high as $500,000 but at the end of 2013, the tax break reverted to the original limit of just $25,000 (plus an inflation adjustment). Remember too that the equipment must also be put into service by year’s end.
Meanwhile, much-appreciated new regulations for the Research & Experimentation Tax Credit program could offer you additional significant savings as well (see http://lmtmag.com/articles/r-e-tax-credit-program-update-new-regulations-could-mean-significant-savings).
With profits initially squeezed by the cost of investing and experimenting with new technologies, there’s plenty of incentive to seek ways to utilize these credits and deductions. (Of course, these technologies are also the proven path to increased productivity and product consistency.) Nevertheless, researching which digital technologies to invest in is high on the “to do” list of most laboratories.
Of those participating in LMT’s most recent digital technology e-survey, 79% have a scanner and 49% have a CAM milling system. These two pieces of equipment continue to saturate the market as most participants plan to invest in more equipment over the next two years. There is also a lot of interest in 3D printing as decision makers evaluate their options when it comes to what’s next on their list of purchases.
This is where the Buyer’s Guide comes in. It is the industry’s most comprehensive products and services directory and a handy reference tool for year-round use, delivered in plenty of time to maximize Section 179’s incentive.
Also, I’m excited to officially announce that next year, the Buyer’s Guide will serve a dual purpose, both aimed at increasing your knowledge base. Here’s why:
In 2015, LAB DAY East is moving from New York City to Atlantic City, New Jersey and will be held the third week of September when the water of the Atlantic Ocean beach is at its warmest and the summer crowds are gone. The Buyer’s Guide will also be the LAB DAY East pre-show issue—your guide to all the clinics and exhibits at the show—a double whammy of information and education.
* In case you’re not familiar, Atlantic City is a lovely resort town, with easy access in and out of the area. It’s perfect for a refreshing weekend break from your daily routine while taking advantage of educational and product promotion opportunities.
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