IRS Section 179 Deduction: A silver bullet tax deduction for the pet services industry!

IRS Section 179 was enacted as a part of the 2008 "American Recovery and Reinvestment Act" and it has been extended to 2009.  It is not complicated to understand and it can have a huge impact on your 2009 tax liability.
 
If you are able to take advantage of the Section 179 deduction, it can substantially reduce your taxable income and hence, your taxes owed.
 
What Section 179 enables businesses to do is deduct the entire purchase price of qualified equipment (new or used) financed or purchased outright during the tax year.
 
This means a substantial and immediate tax break for your business and makes purchasing equipment a great move.
 
For those of you that bought some equipment in 2009 you are eligible to deduct the full purchase price from your income.
 
For those of you contemplating an equipment purchase for your business now is the time to act. 
*It could be that you want to trade in your current van.
*Maybe you have a shop and you want to cash in on the mobile grooming explosion by adding a van to your operation
*Perhaps you have had enough of your landlord and want to go mobile
*Or it might be time to add mobile grooming to you existing pet services business
Regardless of the reason, time to put your plan into action is running out.
 
Here is a typical example:  Assume your business has $100,000 in gross income this year and you're facing the tax man and his big coffers.  Your goal is to reduce the income amount by as much as possible to reduce taxes owed.  Your business purchases a new or used piece of equipment before 12/31/09.  You can now deduct the total price of the equipment from your income.  If the equipment has a total price of $75,000, you can deduct that from the $100,000 in income you generated.  Now your income for tax purposes is only $25,000 and you saved big on your tax bill.
 
Below is a calculator we found to show the tax savings as a reduction in the equipment price on a typical Pet Pro van:
In this example, you deduct the full $65,000 purchase price in 2009 which results in a cash savings of $22,750 or a net price on the van of only $42,250.
 
In this example, we'll look at our top of the line Pet Stylist Elite with every option we offer:

Taking this deduction gets you a loaded up Elite for about the price of a Pet Pro van.
 
To use the above on line calculator for an analysis of your situation, go to http://www.crestcapital.com/tax_deduction_calculator and plug in your own numbers.
 
For further review of what Section 179 can do for you visit www.irs.gov and search "Section 179".  For a simpler, plain English look at Section 179, go to http://www.section179.org/index.html.
 
Disclaimer: Wag'n Tails Mobile Conversions provides this material as an overview only.  For exact application of Section 179 to your business, please be sure to consult your tax professional.


 

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