Upgrade Your Restaurant Equipment and Qualify For Tax Breaks in 2011
On the fence about upgrading some of your restaurant equipment? Well, maybe I can convince you that there's never been a better time than now. According to many food service industry forecasts, the industry seems poised to grow, although at a slower pace than many people would like. If your reach in refrigerator or undercounter dish washer is on its last legs, why not upgrade to a better performing, more energy efficient model?
Not convinced yet? Consider this: The Small Business Jobs Act of 2010, signed into law by President Obama on September 27, 2010, contains a provision that will allow you to write off up to $500,000 in new equipment purchases through 2011! That means you can get a larger break on your taxes!For more details on the Jobs Act, Check out the U.S. Small Business Administration's page about the Jobs Act.
Still not sold? Narrow your search to an Energy Star Qualified piece of equipment, and look for additional additional tax credits or incentives for purchasing more energy efficient equipment at Energy Star's website, using their Commercial Food Service Equipment Incentive Finder!
Of course, it's always a good idea to run the numbers and make sure you're in a good position to make some major purchases, but if you consider all the potential tax benefits just waiting for you to take advantage of, I think you'll agree that right now is a great time to upgrade some of your tired old restaurant equipment!