Updated · Originally published
The (September 27th 2010) includes a series of small business provisions, twelve of which can truly benefit companies immediately. With these provisions in mind, we are excited that companies can move to ERP systems like Microsoft Dynamics GP now – and gain benefits in both their system processes AND their budgets. Talk about a positive ROI ripe for the picking – now CIOs and CEOs can agree that this is the time to bring in a superior ERP system and take advantage of the tax breaks.
The Whitehouse blog helps pinpoint how small businesses can take advantage of the changes in the tax laws within this Small Business Jobs Act. Specifically 8 new tax cuts went into effect immediately with another 8 expected to be added on Monday.
Two of these include the:
- Extension of 50% Bonus Depreciation: providing businesses, large and small, with the ability to make new investments today and know they can receive a tax cut for this year by accelerating the rate at which they deduct capital expenditures.
- Extension and Expansion of Small Businesses’ Ability to Immediately Expense Capital Investments: The bill increases for 2010 and 2011 the amount of investments that businesses would be eligible to immediately write off to $500,000, while raising the level of investments at which the write-off phases out to $2 million.
Other changes like: larger maximum small business loan sizes, new small business loan funds, cell phone deductions without massive paperwork, and increasing the deduction for start-up expenses may mean that small businesses can look to properly automate their business with a solution like from the onset, instead of processing by hand, or using accounting filler programs until they can get a true ERP system.
No matter what your political affiliation, or un-affiliation, these tax changes may benefit your company today. I encourage you to contact a to find out how your investment in Microsoft Dynamics GP can improve your bottom line – thru expediting your processes; making your employees work easier; and providing you with your profitability, sales data, & even your financials needed for tax reporting.
By ,
Inner Circle Member/Gold Certified Microsoft Dynamics GP Partner