Thanksgiving week is upon us, and that means it will soon be time to gather with family and friends, watch football and enjoy delicious meals. Of course, Thanksgiving is also a time to reflect on what we are grateful for and give thanks to everyone in our lives. Owners of small businesses nationwide remain optimistic and have quite a bit to be thankful for, regardless of how uncertain the economy has been in 2012. This Balboa Capital blog post features five things that small businesses can be thankful for.
The Section 179 Tax Deduction
Although the cost of most business equipment will continue to increase, the IRS has a tax rule that allows companies to deduct up to 100% of their equipment purchases. It’s the Section 179 tax deduction, and the deduction limit for qualifying equipment that is purchased and put into place before 12/31/12 is $139,000. The equipment needs to qualify for the Section 179 tax deduction, so check with your tax professional prior to making any purchases.
Remember the days when you had to spend a small fortune to promote your small business? Print advertisements, yellow pages advertisements and direct mail campaigns can eat away at your marketing budget, and let’s not forget the cost of hiring copywriters, graphic designers or a small advertising agency. Today, social media presents small businesses with a cost-effective way to promote their products and services to a large audience. The immediacy of social media enables small businesses to engage with prospects and customers in real-time, and develop online “brand ambassadors.”
Flexible Financing Options
Getting a small business loan from a traditional bank can be very difficult, but there are a variety of financing alternatives that make it easy to secure funding. Equipment financing, working capital loans and merchant cash advances, for example, are increasing in popularity and availability. These financing programs are attractive to small business owners because they don’t require extensive collateral or a high credit score.
The unemployment numbers improved last month, but there are still millions of Americans looking for work. Small businesses throughout the country now have access to a huge talent pool of well-qualified workers who are more than willing to work for reasonable salaries.
The United States
The US is a great country in which to own and operate a small business. Compared to the rest of the world, we have fewer regulations, a more diverse workforce, better financing options, and a proven small business culture that is supported at every level and backed by a multitude of laws. And let’s not forget that the US has the largest national economy, largest GDP and largest purchasing power in the world. Lastly, the US is where countless small businesses start and become global powerhouses.
Balboa Capital hopes you and your loved ones have a great Thanksgiving holiday.