Tax season is one of the busiest and most stressful times of the year for small business owners. It involves an immense amount of time and effort to get all of the necessary paperwork together. CNBC reported that half of small businesses in the United States will spend at least $5,000 to come to terms with their tax bills. If you run a small business, the best thing you can do is present your accountant with organized financial statements, receipts, expense reports, etc. Doing so can help you maximize your tax deductions. Now that Tax Day 2015 has passed, many small business owners are looking at tax refunds. If Uncle Sam is sending you a tax refund, you might want to use it to grow your small business. This Balboa Capital small business blog post looks at three ways you can invest in your company.
Small businesses are using smartphones, tablets and other types of mobile technology to assist with a variety of functions. A recent survey conducted by the Small Business and Entrepreneurship Council reveals that 74% use it to manage social media marketing, 71% for email marketing, 34% for mobile websites and 18% to manage operations. Now is the time to embrace mobile technology, because it gives you and your employees the ability to manage things quickly, and with greater cost-efficiency. Popular mobile technologies in 2015 include point-of-sale (POS) software, mobile credit card processing, and customized small business apps.
Advances in cloud-based technology are changing the way small businesses operate. As you know, the cost to purchase and maintain office equipment such as computers, monitors, software, printers and servers can chip away at your bottom line. Moving software and certain IT functions to the cloud can reduce your expenses and enable you and your employees to work with more mobility. There are cloud-based services available for a whole host of small business tasks, such as data storage and document sharing, and they are scalable. You can easily upscale or downscale your cloud computing requirements based on your company’s needs.
Just because you run a small business doesn’t mean you can hide from hackers who want to compromise your website. In today’s world, cyber thieves from all over the world scroll through the Internet looking for vulnerable websites. A cyberattack, computer virus, or internal security breach would turn your small business upside down and result in decreased productivity, lost revenues and frustrated customers. Investing in cybersecurity solutions can help protect your company’s online infrastructure from malware, spyware, worms and more. Commonly used solutions include data loss prevention (DLP) software, hardware firewalls, software firewalls and antivirus software.
Start Preparing for 2016
If you manage your tax-related paperwork throughout the year, you won’t need to rush to get everything ready at the last minute, which can result in costly mistakes. All you need to do is establish an organized bookkeeping system with accurate records and receipts, and update it as needed. It’s a great way to prepare your company for a successful and stress-free 2016 tax season.
Balboa Capital hopes you found this small business blog post to be helpful. If you are planning to use your 2015 tax refund to acquire new or used equipment, we can help. Balboa Capital specializes in equipment leasing, and we can provide you with same-day funding. Try our free equipment leasing calculator to see how affordable it is to finance equipment.
Former NFL greats Joe Montana and Jerry Rice, former Florida Governor Jeb Bush, and comedian Jay Leno highlighted the star-studded 2015 ATD at NADA convention and expo last week in San Francisco. This year’s event took place over a four-day period at the historic Moscone Center. Balboa Capital was an exhibitor at this year’s show. We had a large booth on the North floor with five commercial vehicle financing managers and a member of our vendor marketing team, each of whom networked with our existing dealer partners and prospects. This Balboa Capital equipment financing blog article features an overview of the event.
Cars, Trucks, Dealers and More
The ATD at NADA convention and expo is one of the premier automotive and specialty vehicle events of the year for dealers. At last week’s show, major truck manufacturers and hundreds of exhibitors showcased the latest equipment and technologies the industry has to offer. There were a number of informative workshops designed to help dealers grow their businesses. The workshops covered a variety of topics, including social networking, digital marketing, cash/asset management, dealership culture, and cybersecurity.
The Event in Pictures
Thousands of people attended the 2015 ATD at NADA convention and expo, and everyone had a great time. Truck manufacturers, exhibitors, dealers, business managers and consultants from around the country networked with one another throughout the day and into the evening at various events. The event was never short on entertainment; it featured lots of live music and award presentations throughout the day. Our commercial vehicle dealer financing team took photographs at the event, many of which are featured on Balboa Capital’s Pinterest page.
Shift Your Commercial Vehicle Sales into Overdrive
Balboa Capital works with commercial vehicle dealers throughout the US. We help them increase their sales with our industry-leading dealer financing program and online sales management system called Portal360. When you become a dealer partner of Balboa Capital, you’re taking the necessary step needed to get your commercial vehicle business on the road to success. Get started now by submitting your online dealer application through our website.
Lastly, we look forward to seeing everyone at next year’s ATD at NADA show in Las Vegas, Nevada.
Balboa Capital is pleased to announce the launch of our all-new website last week. We redesigned our website to provide users with a faster, easier and more secure way to apply for financing from any computer, laptop, tablet or mobile phone. Balboa Capital’s new website has the same great financing calculators and interactive tools that set us apart, and they have been updated with a fresh new look and improved functionality.
You Asked. We Delivered.
We listened to the suggestions and requests of our customers and equipment vendor partners and streamlined our new website to provide them with a better online experience. Users accessing financing information, calculators, and online application forms can find them quickly with streamlined navigation and content-rich categories for each of the industries and markets we serve.
Balboa Capital is a technology-driven financing company; we are committed to remaining at the forefront of our industry and adapting to new ways of doing business through innovative web-based technologies. We hope that you enjoy using our new website. We will be regularly updating it with helpful business information, blog articles, whitepapers, infographics, company announcements and case studies in our video testimonials section.
As we reported on our equipment financing blog a few days ago, the US Senate received a proposal to extend the Section 179 tax deduction to 2013 levels as part of a larger tax extenders bill. Last night, the Senate approved the measure by a vote of 76-16, and now it is on its way to President Obama’s desk, where approval is likely. An extension of Section 179 will benefit equipment manufacturers, equipment vendors and business owners nationwide.
If the President signs off on the Section 179 extension, business owners will be able to deduct up to $500,000 worth of qualifying equipment and property that was bought (or financed) and put into business use during 2014. It is important to note that the Section 179 extension, if approved by the President, expires on December 31, 2014.
Equipment That Qualifies
There are many types of equipment and property that qualify for the Section 179 tax deduction. These include business vehicles, office equipment, office furniture, computers, printers, software, machinery and manufacturing equipment. We recommend that you consult with your accountant to find out if the equipment you want is eligible for the Section 179 deduction.
When President Obama makes a final decision on the Section 179 extension, Balboa Capital will let you know. The clock is ticking, so visit our blog each day for the latest news.
Business owners in the United States received some positive news regarding the Section 179 tax deduction. In a meeting on December 3, the US House of Representatives passed a proposal to increase the Section 179 deduction from $25,000 to $500,000 for the 2014 tax year. This proposal still needs to be approved by the Senate and signed by President Obama, but the House’s passage is the important first step to making that happen. Balboa Capital keeps our customers and blog readers up to date with Section 179 developments as they happen. This blog article has the latest information you need to know about Section 179.
Section 179 Defined
The US Government created the Section 179 tax deduction to give generous tax incentives to business owners who add capital equipment to their operations. Under Section 179, business owners can deduct the cost of certain types of qualifying equipment and property on their income taxes as an expense. As of this post, the deduction limit is $25,000 for equipment that is bought or financed and put into use before December 31, 2014. The IRS website has a complete list of equipment that is eligible for the Section 179 deduction. However, you should always consult with your tax professional prior to making a capital equipment purchase.
What’s Next for Section 179?
As mentioned earlier, a big increase to the Section 179 deduction limit was just passed by the House as part of Bill H.R. 5771. If the extension does not clear Congress before the end of 2014, it will likely be discussed in January.
Invest in Your Business… Today
Some business owners are awaiting the final decision on Section 179 before making any equipment purchases. But why wait? The sooner you acquire equipment, the sooner you can put it to work for your company and get a nice tax break in the process. Balboa Capital is fully staffed during the last few weeks of the year, and our account managers are ready to help you secure fast financing for new or used equipment. You can apply for an equipment lease quickly and get a credit decision within one hour or less. Lastly, we fund 95% of our approved deals that have the necessary documents on the same day. Use our free equipment lease calculator to get started.