Tax pros talk about 2014: What you need to know before Dec 31

Finally, a little good news out of Washington: Section 179 of the IRS Tax Code—the one that enables small businesses to get a 100% first-year tax write-off on most new and used equipment, software, and vehicle purchases totaling less than $139,000—will be extended for the 2013 tax year. Also extended: Provisions in the American Taxpayer Relief Act (ATRA) that allow you to get a 50% Bonus Depreciation on new equipment.

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So if you’re even thinking about updating any of your retail hardware or software, computers, other technologies and/or software, now is the time to do it (pundits are saying it probably won’t be there in 2014). And if you do a little shopping, you’ll also find some great deals that will reduce your capital outlay immediately. 

“This is huge news for small retailers. After the negative effects of the government shutdown in October, followed by a very short Holiday Retail Season, they need all the help they can get,” says Greg Nika, Group Marketing Manager at Intuit, makers of QuickBooks and QuickBooks Point of Sale (POS) 866-379-6636.

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The company, long known as the champions of small business, has just announced another incentive to invest in POS, ASAP: They’re offering their latest software, QuickBooks 2013, at 20% off. And especially good if you want to take credit and debit cards: They’re giving their PIN pad, free when you sign up for Intuit Merchant Service.

The offer expires January 3, so if you’re in the market, call (866) 379-6636 to talk to a Point of Sale expert or visit Intuit QuickBooks Point of Sale website to learn more and download their free trial.

We asked Mr. Nika what advantages he sees in these tax law provisions for small retail. 

“First: Beyond the fact that your overall deductions might be significantly reduced in the coming year, this could also be the last time you’ll see either a first-year deduction OR a bonus depreciation. 

“Then: This year, small retailers have a double-whammy: A very short holiday selling season—one week less than most years,” he observes. “And right after holiday season comes the doldrums. That’s why we’re offering 20% off our software, and for customers who sign up for Intuit Merchant Service, they will get a FREE PIN pad (a $350 value). If our small retailers can preserve their much-needed capital and prepare for the spring selling season, we’re doing our jobs properly.”

According to www.section 179.org, the new provisions of the IRS Tax Codes apply only if you have taxable profit. When applying them, Section 179 (100% of your purchase price on qualified equipment, software and other assets) is generally taken first, followed by Bonus Depreciation (an additional 50% depreciation on new equipment only). 

To learn how this will impact your business, please consult your accountant. 

Editor’s Note: Intuit’s 20% software discount and FREE PIN pad offer is available by phone only (866-379-6636).

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Extensive information on end-to-end retail solutions for small business and free 30-day trial are available at Intuit Point-of-Sale web site. Share this great offer with your friends before it expires. Use the sharing links below.

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