In September 2010, the Small Business Jobs and Credit Act of 2010 (H.R. 5297) was signed into law by the President of the United States. This bill extended bonus depreciation through the year’s end and facilitated small business lending. Recently, this act was extended through December 31, 2011.
The bill includes an extension of the 50% bonus depreciation provision for all businesses, regardless of size, that is effective for qualifying assets purchased in 2011.
The section 179 special depreciation allowance for software purchased in 2011 can increase your net income without having to increase revenue and creates a significant savings on software.
It’s the perfect opportunity to purchase additional Point of Sale Software before year end at significant savings.
You may also be able to take an additional first year special depreciation allowance for certain qualified property. This allowance is an additional 50% deduction of the property’s depreciable basis (after any section 179 deduction and before figuring your regular depreciation deduction).
Don’t miss out on these tax savings for purchasing software!
Contact RTE to learn more about the financial benefits of purchasing software before December 31, 2011.
Retail Technology Experts is not responsible for any of the information contained in any of the publications referenced in this communication. RTE encourages you to consult your tax and legal advisors for specifics on how this bill might affect your business taxes in 2011. The contents of this document are for informational purposes only. Retail Technology Experts makes no guarantee, representations or warranties with regard to the enclosed information. All information contained herein is subject to change without notice.
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