Big tax changes for small businessHarlan Health
At the end of 2017, new tax guidelines were signed into law. The legislation brought about significant changes to the tax code.
Under the new laws, corporations can expect some positive changes. Previously, tax rates for corporations graduated up to a top rate of 35%. Under the new law, there is a flat 21% tax.
Additionally, an increase in the allowable Section 179 Deduction will help even more businesses. In 2018, the maximum deduction will increase from $500,000 to $1 million. The Section 179 Deduction allows businesses to deduct 100% of the purchase price of their new equipment in the year it is put in use.
Many Harlan Health Products customers are already taking advantage of the Section 179 Deduction by financing their new equipment purchases through our finance partner, Banleaco (formerly known as Bankers Leasing Company). The Section 179 Deduction, compounded by the preservation of cash, makes equipment financing a win-win-win for our customers.
“Even though it is early in the year, many professional practices are looking ahead to take advantage of the tax law changes,” said Rob Peterson, Banleaco Director of Sales. “We expect a significant increase in the number of people who are looking to finance new equipment in 2018.”
“Banleaco has been an excellent financing source for our customer’s for many years. They have consistently provided quick approvals, and excellent financing solutions to help our customer’s upgrade their equipment to the newest technologies we have available.” stated Harlan Pyes, President of Harlan Health Products, Inc.
Reminder: Please consult your tax advisor for additional information on the Section 179 Deduction.