As you pinch pennies to help your business operate in tough economic times, anything that you can obtain at a discount or for free is extremely beneficial. Here are some ideas to help you get started in saving money for your business.
Discounts
Technology, equipment and other machinery can enable you to work smarter, faster and cheaper. To obtain the items you need when cash is tight, be creative.
- Equipment. Buy used equipment that can meet your immediate needs. Consider “pre-owned” equipment, which can be found online through used equipment networks.
Added tax savings: Instead of depreciating the cost of equipment over five years or more, you can opt to expense the purchase price, even though the equipment is pre-owned, up to $250,000 in 2009 as long as you are profitable this year.
- Cash Back. Dramatically cut the cost of new purchases by taking advantage of programs that help you save money and give you cash back. Bank of America recently launched an online shopping portal called Add It Up where small business owners can earn up to 20 percent cash back from more than 270 retailers when they shop online with their Bank of America check card. Participating retailers include top names such as Staples.com, HomeDepot.com, Walmart.com and Costco.com.
Added tax savings: You can take 50% bonus depreciation on the purchase of new items, regardless of your profitability this year.
Author: Barbara Weltman
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