Two Year-End Savings Tips That Will Save Your Company A Ton.
1. Avoid Price Increases
Our manufacturers hate raising prices and so do we. That’s why we want to give everyone plenty of time to make arrangements. Here are some things you can do to help your bottom line.
– If you purchase a set amount of task chairs each year, you should consider buying them before year end. The savings will be around 10% to 25% compared to the anticipated price increases in 2020.
– If you have put a project on hold, now is the time to get it to the finish line or at least order and purchase the office furniture before year end. This could add up to a significant savings.
– Do you have office furniture projects in the 1st quarter of 2020? If you do, we recommend you start the planning process now so you can get the furniture ordered ASAP. You may have to warehouse it (we can help), but the cost savings could be substantial.
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2. Get Tax Savings From Section 179
You’ve probably heard of a very popular tax deduction for business called Section 179, but did you know if you buy and install office furniture before 12/31, it qualifies?
– Companies may not write off more than their taxable income.
– The deduction phases out dollar-for-dollar once you have spent $2.5 million.
– You may deduct up to $1 million.
– Office furniture must be installed by 12/31/2019. We need orders finalized by 12/18/19 in order to install before the deadline.
– Equipment purchases over $1 million may qualify for a bonus depreciation.
– A cash purchase, finance agreement or capital lease all qualify for Section 179.