The EquipNet Blog | Your equipment resource for equipment expertise, industry news, and EquipNet updates.

October 11, 2011
by Julie Baker
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Buy Equipment Now and Save Money with the Section 179 Tax Deduction

2011 is almost over…make sure you take advantage of the Section 179 Tax Deduction before it’s too late.

What is a Section 179 deduction?

Section 179 of the United States Internal Revenue Code allows a taxpayer to elect to deduct the cost of certain types of property, including new and used equipment, on their income taxes as an expense, rather than requiring the cost to be capitalized and depreciated. This property is generally limited to tangible, depreciable, personal property which is acquired by purchase for use in the active conduct of a trade or business

How does it work?

Below is an example of section 179 at work, put together by section179.org:

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How do I start taking advantage of this deduction?

Visit our Procurement Resource Center today to learn about the benefits of sourcing from today’s second hand market.

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Then, when you’re ready to start your search for equipment, make your way to the EquipNet MarketPlace™ to start shopping for high-quality equipment at a discounted price.

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October 6, 2011
by Julie Baker
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Exiting Your Business? Get an Appraisal

Deciding the best way to exit your business is a big decision and can be overwhelming when you don’t understand your options. When thinking about exit planning, you need to figure out what you want and what will be best for the business. There are only a few options for exiting a business. By understanding these options, you can better decide which one is best for you. Business owners can exit their businesses by:

Transferring ownership of your business to your children or other family
Selling your business to all of your employees, to the management team, or your co-owner(s)
Selling your business to an outside third party
Selling a portion of your business to an outside investor
Conducting an orderly liquidation, during which the assets of your business are sold or auctioned off

Exit planning should be done as early on in the business as possible. Don\’t wait until it\’s too late. Getting trusted professional advice from a certified appraiser on the value of your assets and/or a business valuation can help to ensure that you make the right decisions for you and your business.

Present Value LLC is a worldwide international appraisal and advisory company that provides a range of professional services such as Certified Machinery and Equipment Appraisals, Inventory Appraisals, Asset Verification Services, Business Valuations, and Real Estate Appraisals. Contact us today!

By: Present Value

Small Business Owners and Planning for Retirement

Thinking About Exit Strategies: Do You Know What Your Business is Worth?

Financial Advisors Urging Business Owners to Know the Value of Their Businesses

October 4, 2011
by Julie Baker
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Getting a Good Appraisal

There’s an article in The New York Times this week titled “Determining a Home’s Value” about making sure your home is appraised well if you decide to take advantage of record-low mortgage rates by refinancing.

The article suggests that you find an appraiser from your area, or make sure that your lender does so. If your appraiser is unfamiliar with your area, which can sometimes happen if you work with a nationwide lender, your appraisal might come back lower than is accurate.

Just before the appraisal happens, do some minor repairs, like fixing a broken window or touching up paint, to make sure that the home looks well maintained. Hiring someone to clean your home is also a good idea.

Ask your appraiser to tell you which properties he or she is using as comparables. Distressed properties or foreclosures should be excluded because they can falsely drag the value of your property down.

Once the appraisal is complete, ask for a copy to make sure that it’s fair. It should accurately reflect your neighborhood and your home’s value. If you feel the appraisal is unfair, ask for another one.

By: Present Value

Additional Reading

Refinancing Options for Underwater Homeowners

September 29, 2011
by Julie Baker
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A HARP Revamp Could Help Millions of Underwater Homeowners

The Federal Housing Finance Agency (FHFA) is working on a major plan that would allow millions of borrowers who are underwater on their mortgages to refinance. The plan would be part of a revamped Home Affordable Refinancing Program (HARP).

Since HARP launched in March 2009, nearly 900,000 borrowers have used the program. Proposed changes to HARP include allowing current Fannie Mae and Freddie Mac borrowers with loan-to-value ratios between 80% and 125% to qualify for a refinance rate set by the mortgage originator, not by one of the government-sponsored enterprises.

Additional changes under consideration include eliminating valuation requirements, and raising the HARP ceiling of 125% loan-to-value.

Some analysts have said that any changes to HARP would have a minimal impact because lower mortgages rates might not translate directly into avoided defaults. But others believe that program changes would reduce monthly payments for consumers, who then could funnel the money back into the economy.

By: Present Value

Additional Reading

FHA Changes the Rules

September 27, 2011
by Ben Potenza
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Are trade shows really worth the trip?

That’s the most common question from spouses, colleagues and of course bosses to anyone who declares on their way out the door, “I’ve gotta go to Vegas for a show.”

Everyone suspects that it’s a boondoggle. Makes me think of George Bailey in It’s A Wonderful Life when Potter promises, “a couple of business trips to New York a year, maybe once in a while Europe.” It all sounds very romantic. For the most part, it’s actually just a pain in the butt.

However, business does get done, and invaluable networking takes place. Case in point, last week I was combing thru tweets for #packexpo when I came across one by Katie Dean of Oh Katie Cookies in Arizona (@ohkatiecookies).

She runs a web-based cookie company and was coming to PackExpo to find solutions and ideas to help her grow her startup. I replied via twitter and told her to come see us at the booth knowing that EquipNet will be a great resource for pre-owned equipment and knowledge of how to grow a budding manufacturing operation.

Well, she stopped by the booth yesterday. (I could do another whole post on the advantages of Twitter – it certainly drove the lead), but my point here is that she came to the show looking for help. We do have solutions and services for her. We will help her out in the short term and, hopefully, for years to come. It’s a perfect example of why exhibitors exhibit and attendees attend a show.

On a side note, whether she ever does business with us or not, her gourmet chocolate chip cookies are UNBELIEVABLE. You gotta check them out! Think Christmas gifts. Make sure you visit her cookie blog, too.