A great strategy to implement right now might be to purchase any equipment that you need in the next couple months BEFORE the end of the year. Purchasing in 2022 can reduce the amount of taxes owed for fiscal year 2022. Talk to your accountant, but most small equipment purchases can be fully written off the year purchased. So, if you spent $4500 on equipment this year, your $100,000 income now shows $100,000 – $4500 = $95,500 income. This means you are paying taxes on $95,500 instead of $100,000. This could be a good chunk of money based on your income tax rate and how you are organized as a business. Again, talk to your accountant or advisor to see how this can help you and your business.
Another benefit of purchasing the RIGHT equipment now is that you can start 2023 with additional services offered to your customers. An example would be our SpinVax 1000XT Air Duct & Dryer Vent Cleaning System. If the economy is a little slower and your business is feeling it, why not do something that can grow your business without a large investment? Take a look at our SpinVax 1000XT system. It only takes about 10-12 jobs to make all your money back on the equipment. Then, all jobs done after that are profit back to your business. Profit that you would have never seen in 2023, if you didn’t offer this new service.
Bonus: CleanCraft even offers a network to pass jobs to you, so you can start making $$$ right away.
Whether you need new equipment for current operations (ie. our Eclipse Extractor) or you purchase new equipment to expand your service offering (ie. SpinVax 1000XT), if you do it before the end of the year, you can enjoy more money in your pocket sooner and a better outlook for 2023.
Give us a call with any questions!