Posted by servScene on December 31, 2008
Green business benefits more than just the environment — it also benefits your finances, by saving you money on taxes. Here are some of the ways you can go green at the office — and then reap the benefits around tax time.
- Buy energy efficient office equipment. Office equipment used for your business 50 percent of the time or more is deductible on your business taxes. This includes energy efficient office equipment, so next time you are shopping for electronics for your office, be sure to look for the Energy Star logo!
- Recycle. Anything that you do for your business, such as recycling, is deductible as a business expense. In other words, recycling can not only reduce the amount of trash your business produces, it can also help to reduce the amount of taxes you pay at the end of the year.
- Renovate your office. Updating your office to be more energy efficient is also a tax deductible expense. You may also be able to change your building’s classification on Form 4562, enabling you to deduct a larger portion of the expense from your gross income each year, decreasing your tax liability. A cost segregation expert will be able to tell you for sure.
Of course, going green at the office really does help the environment, and that should be reason enough to do it. However, there’s no denying that it can help you save money on your taxes, too!
Technorati Tags: cost segregation, Energy Star, Form 4562, going green, green business, office equipment
Posted by TheScene on November 20, 2008
Terry McQuinn wanted an automatic lathe for the holidays. She thought it was the coolest thing. Her dad worked at a pump parts factory and she had seen the machines in action. This wasn’t all that practical, however, since Terry was only 8 years old. Most kids her age wanted doll houses or a make believe kitchen, but multi spindle machines? John was happy that is daughter was interested in what he did, but there was no way he could afford to buy such a machine for personal use. Sure, the girl was crafty with paper, but it didn’t make sense. Was she going to start crafting her own wood and metal parts? What if she got too good at it, then he’d have to by her a CNC to go along with it!
So, instead of blowing all his retirement funds on a multispindle that would never be used, John opted for something else. He would take her into the factory and demonstrate for her how hard it was to operate such a machine. So the next day he took Terry to work and they looked at the hardest project of all that John had ever seen - a revolutionary screw-bolt fastener for a pump compressor. It had taken months to get it remotely right. John figured he may as well get some administrative work done, which lasted till morning. Then he went to find his daughter, and the screw-bolt fastener had been completed. Nobody else was there but…
Technorati Tags: automatic lathes, multi spindle machines, multispindle