Now's the Time to Take Advantage of Tax Code Credits/Deductions

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...