- Created on Wednesday, 03 September 2003 03:56
- Written by Mike Floyd
The tax bill recently passed by the U.S. House and Senate not only provides tax cuts for individual taxpayers; it also greatly benefits business owners. New tax incentives make 2003 the opportune time for on-premise and coin consumers to invest in new equipment.Businesses that haven’t already invested in equipment should do so before the end of 2004. The recently passed legislation allows companies to immediately write off up to 50 percent in bonus depreciation on first year eligible equipment purchases, according to an AccountingWeb.com article. For small businesses the tax law also raises the amount of money that can be deducted on certain asset purchases.
“To drive business investment, small enterprises will be able to immediately write off $100, 000 in new equipment purchases and all businesses will be able to expense half their investments this year,” according to the Associated Press.
Our country’s new tax bill will further complement the Job Creation and Worker Assistance Act of 2002, which allows businesses to accelerate depreciation expense into the first year of ownership of new assets. Together, these incentives will significantly impact our ability to sell. .
So, let’s capitalize on this once-in-a-lifetime opportunity by educating our customers about how they benefit.
For more information about the details surrounding the tax law, access the following hyperlinks:
http://www.accountingweb.com/ OR http://www.nytimes.com/aponline/national/AP-Bush-Taxes.html
Mike Floyd is the executive vice president of Continental Girbau, Inc., manufacturers and distributors of commercial and industrial laundry equipment. Girbau S.A. markets its products throughout 80 countries worldwide. Mike is one of the initial founders of the Continental Girbau Inc., and has been in the laundry industry for more than 19 years.
Quick Rinse - News From Around The World
Textile Services Industry Gets National Spotlight
WILIMGTON, Mass. — Textile service executive Ronald Croatti recently appeared on the CBS-TV show “Undercover Boss.” Croatti is CEO of UniFirst Corp., in Wilmington, Mass. For most Americans watching “Undercover Boss” it was their first view inside a commercial laundry, which typically process between 10 million and 25 million pounds of uniforms, table linens, bed sheets, towels and more every year “The reusable textile services business is the original green industry,” said Ricci. “Commercial laundries reuse linen instead of filing landfills with disposable alternatives and continually discover new, innovative means to reduce energy consumption and recycle water. Our huge economies of scale allow laundries to use about two-thirds less water, energy and detergent than alternatives, such as washing at home, while hygienically cleaning textile products, improving disease control and reducing contamination.”