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End the year smart: 2017 tax breaks expire soon!

Leasing and financing equipment assists in preserving cash flow—and thanks to updates in the Section 179 accounting rules, it can also save money on taxes.

If the equipment you lease qualifies for the Section 179 tax deduction, you might be able to expense all or portions of the cost.

Here’s what you need to know to create your own tax break for 2017:

 1.  The deduction limit for Section 179 is $500,000.  This means that if you buy (or finance) a piece of equipment, you can deduct the Full Purchase Price (up to $500,000) from your gross income.

2.   The 2017 Section 179 deduction threshold for total amount of equipment that can be purchased is $2,000,000.  This means that you can purchase more equipment and still have the benefit of the Section 179 deduction.

3.   50% bonus depreciation was reinstated for the tax year 2016 and extended through 2019.  For equipment purchases over the Section 179 deduction limit of $500,000, you can deduct an additional 50% of the amount over $500,000 in addition to your normal depreciation deduction. This applies to equipment acquired and put into service during 2017. Bonus depreciation will phase down to 40% in 2018 and 30% in 2019.

December is almost here.  Let’s talk before the holidays, and make sure you are able to take full advantage of this tax benefit.

Call us at 866.758.2673 or email us at  info@coretechleasing.com and we can all end the year on a high note.

Scott McFetters to Speak at ALA Chapter Education Meeting, Hawaii

Advances in technology and software are increasing exponentially, causing obsolescence cycles to shrink, and inserting risk as outdated technology leaves firm?s vulnerable to security risks. Many law firms struggle to manage these vital needs to continuously update software and equipment to keep current and address security while staying within budget.

Leasing is a strategic financial option that firms can utilize to provide a predictable, monthly expense for their technology and equipment needs. Moving to a monthly expense model puts the firm in an agile position for change, seamlessly enables technology and equipment upgrades and replacement, and ensures the firm?s hardware and software are current to security standards without becoming bottlenecked by inserting simple payment replacement rather than cash expenditure approval processes.

Join Scott McFetters, President of CoreTech Leasing, at Cades Schutte LLP, as he discusses financial strategies that help firms navigate the equally important needs of technology, equipment, security and budgets, including industry best practices, types of lessors organizations encounter, and what pitfalls firms should avoid.

Loved What You Saw at ALA? Leasing Can Help You Procure the Best of Breed Technology

The 2017 ALA Conference & Expo was a great success and, as always, it was a pleasure to be among the great mix of industry professionals and thought leaders with one focus: elevating our potential. We hope you had a great conference!

A notable part of the event is always the impressive array of technology providers on display in the Exhibit Hall which no doubt can help firms maximize their potential in the new legal market.

Now what?  How can you procure this best of breed technology?

Talk to the CoreTech team about maximizing your software and hardware ROI through leasing or financing. While cash may be a viable option for some firms, leasing and financing condense the decision cycle and the lengthy process to request another large capital expenditure can be circumvented. Financially, leasing beneficially increases cash flow, keeps bank lines of credit open for working capital use, and cuts out of pocket costs for necessary security upgrades, while enabling these new projects in the budget.

In today’s competitive marketplace, law firms must leverage technology to gain an advantage. The good news is that leasing and financing can help your firm arm itself with the most up-to-date versions of hardware and software available to help keep clients’ data secure while staying within a predictable monthly expense.

Let’s continue the discussion we started in Denver.

Contact Scott McFetters, Bill Pitcairn, Mike Henderson or Bob Wallace directly to discuss strategic financial options for your firm’s technology and equipment needs.

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