Federal Budget Coming Soon!
I can’t tell you what is in store for us in May, but there is no harm letting you know that you should take advantage of current law regarding deductions of assets. Specifically, if you are in business and you buy any plant or equipment for less than $6,500, we are able to write the whole purchase off in the current year rather than depreciating the asset. If you buy a motor vehicle, we can write off the first $5,000 immediately!
Take advantage of this rule now! (Just in case….)