How 2021 Supply Chain Issues May Affect Your Year-End Purchasing

Supply disruptions are causing havoc this year. With nearly all sectors being impacted by this, many businesses might be wondering what this means for their end-of-year purchases. It is imperative for businesses to understand that supply chain backlog may affect year-end purchasing, which means that many may be unable to take advantage of Section 179. Smart business owners should consider financing their equipment now to ensure that they are able to qualify for the write-off.

How Supply Chain Issues Might Impact Your Year-End Purchasing

Many businesses rely on year-end equipment purchases to get their much-needed equipment upgrades, while also being able to take advantage of the write-off. While typically it would make perfect sense to wait until December, in our current supply climate this may be a really bad move. Unfortunately, delays can impact your business in more ways than one. It is important that you stay vigilant in ensuring that your business is well prepared for the coming delays.

If you are looking to consider financing your equipment, now is the time to get everything in order to take full advantage of the benefits that your business can qualify for. Delays could result in unfortunate financial consequences for your business, and costly mistakes like this can be critical. Consider your needs now so that you can stay ahead of the game.

How You Can Qualify for Section 179

If you are new to this write-off, then you should know that Section 179 is a useful tax write-off that can save your business money for the purchase of the equipment. It is intended to aid businesses in the purchasing of depreciating equipment. This means you can write off your equipment purchases and keep more of your earnings. Best of all, most businesses that purchase or lease equipment that will be used at least 50 percent of the time by the business can qualify.

So how do you know what equipment qualifies? If you have any further questions about what qualifies and what doesn’t, then you should consult with your accountant now. Get a better understanding of your equipment needs so you can take full advantage of this and ensure that you aren’t too late. Missing out on Section 179 would be like throwing away hard-earned money.

How to Make Sure You Don’t Miss Out

In order to take advantage of this write-off, businesses must have their equipment delivered and in-service by December 31. That means that in addition to purchasing equipment, businesses must also have it delivered and in use by the end of December. Waiting until the last minute could upend this process due to the delays which are predicted to be extreme this holiday season.

This means that any delays could spell disaster for your taxes. Therefore, to ensure that your business is able to take full advantage of Section 179, you should consider purchasing your equipment now. Talking with a qualified business financing expert is an excellent way to go ahead and purchase the equipment that you need right now so that you don’t miss out. In doing this, you are ensuring that you are taking full advantage of the write-offs available to you now.

If you are looking for the best financing solution for your purchase, then we would be happy to help. Call 480-292-8244 for a free consultation or contact us at info@fundingwell.com today. We can assist you with any of your questions and concerns, and help you find the financing you need for your business. We offer expert advice and care to all our customers, and we look forward to hearing from you soon!

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