The purpose оf Section 179 in thе tаx соdе is tо givе buѕinеѕѕеѕ thе орроrtunitу to deduct thе entire price оf ѕоftwаrе аnd еԛuiрmеnt рurсhаѕеd during thе еligiblе tаx уеаr inѕtеаd оf write-offs through dерrесiаtiоn. It is designed to еnсоurаgе buѕinеѕѕеѕ tо invеѕt in thеmѕеlvеѕ аnd rесеivе a tax break in еxсhаngе fоr doing ѕо.
It hеlрѕ to undеrѕtаnd exactly how thе tаx соdе wоrkѕ with a real-life еxаmрlе. When a ѕmаll buѕinеѕѕ buуѕ a piece of еԛuiрmеnt оr оthеr need for the business, it саn writе thе соѕt оf the рurсhаѕе off in ѕmаll increments thrоugh dерrесiаtiоn. This iѕ bеnеfiсiаl, but it саn take уеаrѕ tо rесоuр thе full invеѕtmеnt cost. With Section 179, small businesses can writе оff the full рurсhаѕе рriсе in thе same уеаr thаt thеу buу it.
This part of thе tаx соdе еnсоurаgеѕ ѕmаll buѕinеѕѕ owners tо upgrade еԛuiрmеnt аnd ѕоftwаrе ѕinсе thеу knоw thаt thеу саn rесеivе thе full аmоunt in dеduсtiоnѕ fоr the уеаr thаt thе рurсhаѕе wаѕ made. Thiѕ hеlрѕ bоth thе business оwnеr аnd stimulates the оvеrаll есоnоmу.
There are limits tо Sесtiоn 179 tо рrеvеnt аbuѕе аnd еnѕurе that it funсtiоnѕ thе wау it was originally intеndеd. Thе tоtаl аmоunt that саn bе written off iѕ limited to $500,000 fоr 2018, аnd thе total рurсhаѕе рriсе саnnоt exceed $2,000,000. Thе dеduсtiоn ѕtill applies bеуоnd $2,000,000, but it рhаѕеѕ оut on a dоllаr-fоr-dоllаr bаѕiѕ. Thiѕ еnѕurеѕ that thе bеnеfit trulу dоеѕ help the small аnd medium buѕinеѕѕ owners аѕ оriginаllу intеndеd. Lаrgе businesses benefit in аnоthеr wау ѕinсе they саn tаkе a bоnuѕ dерrесiаtiоn of 50 реrсеnt оn any аmоuntѕ thаt exceed thе $2,000,000 thrеѕhоld.
Any business thаt buys, lеаѕеѕ or finances less thаn $2,000,000 in either uѕеd or nеw equipment during thе tаx year is eligible tо bеnеfit frоm Sесtiоn 179. If thе business is unрrоfitаblе for thе year and dоеѕn’t рrоduсе аnу taxable inсоmе, they can ѕtill bеnеfit by uѕing thе рurсhаѕе fоr a futurе уеаr’ѕ tаx bеnеfit when thе buѕinеѕѕ еаrnѕ a profit. Quаlifуing рurсhаѕеѕ must be рut intо ѕеrviсе аnd used in the buѕinеѕѕ аt some роint bеtwееn Jаnuаrу 1ѕt and Dесеmbеr 31ѕt оf the tаx уеаr tо соunt fоr thе dеduсtiоn. Mоѕt gооdѕ qualify for thе dеduсtiоn inсluding mасhinеѕ, реrѕоnаl рrореrtу uѕеd in thе buѕinеѕѕ, buѕinеѕѕ vehicles, соmрutеrѕ, ѕоftwаrе, office furniture аnd equipment.
Now is the perfect time to make those investments in inventory, office equipment or even a new Point of Sale System that can help grow your business and reduce your tax bill. Check with your CPA to see how the Section 179 Deduction can benefit your business..
Whether you are planning a new menu launch, in-store demo, on-site workshop, new wine list, sponsoring a community charitable event, or even a Grand Opening, we have some great ways (mostly free) to make sure your event is seen online.
Use your Point of Sale to collect valuable customer data
Make sure you are using your Point of Sale to its fullest abilities to help you collect customer data. Send out email or text alerts to your customer base with details of your special event or sales. Don’t have a Point of Sale system that will do this for you? Contact us.
Make a Facebook Event Page
Facebook has a great events tool which enables you to set up a page for your special event, and to keep an eye on who is attending. You can create the event page… add the date, time and details about the event, then invite people directly from your Facebook contacts. Even more fabulous is when someone clicks “attending,” it shows up on their News Feed so that their friends and followers also see YOUR event!
Advertise on Social Media
Let’s say you may do a little bit of print advertising, running an add on one of your social media platforms is a cost effective targeted way to spread the news about your small business event. Make sure you continually schedule those organic posts to promote this event. Keep tagging your relevant supports or partners in the comments sections to enlist their help in spreading the word too!
TIP OFF the PRESS
Remember your audience. Not everyone is on Facebook! You have to capture your remaining online audience, and the effective way to do that is to reach out to relevant writers and editors for local, trade and national publications. Need ideas? Contact us; we’ll guide you in the right direction. Every day, your local news is giving you ideas of what to do “this weekend,” explain the purpose of the event and outline the “hook,” for them – the reason they and their readers and viewers should be interested. Offer them a press pass and ask them to write about (or talk about) the event in advance online (in print, to their viewing public). If there is a standout publication or station you want to target, consider offering them an exclusive interview with perks!
Plan an EMAIL campaign
Engaging content is a must, as is a link back to your page on your website with full details. Make your email short, snappy and attention grabbing, preferably with an amazing graphic. Simple is better. Give those who can’t make it an option to stay in touch, like: “Can’t attend this event but want to keep an eye on our other activities?” Follow us on Facebook.
RUN a COMPETITION
Guarantee attraction by running a competition to attract interest. Post the competition on all of your online platforms. Make sure to include “winner must be present,” language. Need ideas? We can help you.
Ask for HELP
Enlist volunteers, local support, customers, ambassadors, family and friends. Invite them along to your business event, and ask them to help you to spread the word online too!
Have questions? Call us…we answer the phone!
What’s new and Exciting in Clover APPS? – The all new “Food & Drink Exchange”
Can you say “fast-paced excitement?” It’s an app where you control the prices. Think back to Economics class where we learned about Supply and Demand. It’s that amount of commodity, product, or service available and the desire of buyers for it. Those considered factors regulate its price.
That’s the stir about the new and exciting Clover POS Food & Drink Exchange app; it works off the various wants and needs of your customers along with scarcity. Your guests see your specials on your big screen TV or devices throughout the restaurant and have a short time to order. This all ties directly into your Point-of-Sale and drives sales through the roof. Imagine what a 30% spike in volume would do for your business? Quickly and easily advertise wings, happy hour, daily specials…..in a few minutes. The Food and Drink Exchange even gives your restaurant a money back guarantee if you don’t increase sales with this amazing app.
This app connects easily to your Clover POS and captures prices changing in real time. They are comparing it to being on Wall Street, with the adrenaline rush and all. Makes for an amazing Happy Hour as well!
Engagement is important when it comes to creative tools for your restaurant and POS systems now have amazing applications that can help you market your restaurant. Turn a profit and keep a step ahead of the game by looking into deploying more of these valuable add-ons.
The reviews are stellar and maybe it’s time you think outside the box and bring the excitement, highs and lows into your establishment so your clientele can have their hearts racing as well.
The awesome thing about the Food & Drink Exchange app? If you don’t see an increase in revenue, you are not charged for it. What have you got to lose? Try it today, contact us for a free demo.
POS Systems Dominate this Year’s Florida Restaurant and Lodging Show
The Florida Restaurant and Hospitality show in Orlando this past week was filled with three amazing days of great food and ideas to help your Restaurant become iconic and memorable.
Restaurant POS solutions were showcased by Florida Resellers, Card Systems, Inc., Cervion Systems and JCR Systems. Point-of-Sale Industry leaders all came together to share mega-trends, “what’s new” in online delivery, guest engagement with SMS text features, and kiosk order. Delivery companies like Uber Eats and POS delivery and tracking systems made restaurant owners re-think their position on having someone else deliver their meals.
To compete with the Amazons of the world why not harness the Digital Tools and Features in your Point-of-Sale Systems? You can now reach out to your customers, using beacon technology and ping your daily specials right out to your customers as they drive by. What about allowing your clients to order online to pick up in an hour or for dinner? How about giving your customers an app to “skip the line” to order and pay without talking to anyone at your restaurant. These features are just the tip of the iceberg of what the New POS Systems are capable of. If they are not options in your current Point-of-Sale System, you should consider upgrading to one that has these features.
These trade shows are key to helping restaurant owners make sense of all the new technology available to make better buying decisions when choosing a POS System. The education programs provided were practical and relevant for today’s food service personnel. Industry leaders delivered business lessons, the latest information on trends and best practices in the market, as well as their own opinions of what creates success in the food world and now in a digital world. Contact us for more information.
Are you Digital yet?
- Streamline your Takeout Operations
- Increase Revenue with Digital Gift & Loyalty Programs
- Create Operational Excellence and Lower Costs
- Boost Beverage Earnings
- Deliver an Optimal Customer Experience
Don’t miss the show in 2019!
It is that time of year again! Come visit us at Florida Restaurant & Lodging Show located at the Orange County Convention Center in the heart of beautiful Orlando Florida for 3 amazing days, today through Saturday, September 8th.
Come visit us at Booth #1418 September 6-8, 2018 Orange County Convention Center, 9800 International Drive, Orlando Florida 32819 occc.net 407-685-9800
This is the place to be! You love food! You love people! Give yourself a treat and visit one of the most vibrant cities in Florida. Spark your creative appetite and turn your passion for our industry into a sustainable gift of learning to grow your talent in your field.
Whether you are a chef, caterer, baker, bar or nightclub operator, quick-serve restaurant operator, or commercial food service personnel or an independent owner. Come join us and over 10K of our peers at the Florida Restaurant and Lodging Show, where we will have access to the hottest menu trends, state of the art design and decor, the best in our business education and over 500 of the leading vendors and purveyors dedicated to serving the restaurant and food service community.
As you know we have been in Southwest Florida since 1993 and we are a woman, owned and operated business and at this show will be the Foodservice Council for Women (FSCW) which has created a platform for women to connect, share, inspire and learn from during the Food and Beverage Portfolio trade show.
That’s not all – do you know, or are you the “best,” of the best bartenders? The Florida Restaurant & Lodging Show is on the hunt for the best bartender who offers the best “hip,” cocktail in the REGION. Come join the HIP SIP – Battle of the Modern Bartender – FLORIDA
We’ll see you there! Wear comfortable shoes and enter your business card for a chance to have us visit your establishment for a free live demo of what we do!
With the holiday season right around the corner, gift cards are one of the most requested items. Here are a few tips to sell and benefits you will gain with a simple gift card program.
- Impulse Buyers – Stock up and make sure you have them within eye-sight at your register. Your impulse buyer is sure to purchase for a family member, colleague, teacher or friend.
- Up-selling – Educate yourself and your staff. Consumers like to be enticed. Offer them the pleasure and advantage. If you are not up-selling your customers, you are missing out on a LOT of revenue. It works, just ask: “I am so happy you and yours enjoyed yourselves this evening. Why not add a gift card for a loved one? Sounds great, right!” As you and your staff master this amazing tool, you can move onto cross-selling. Just by suggesting other relevant options to your customer like: “Did you know the $25.00 gift cards are on special this week, buy three get the fourth for half price?” Or, “Don’t forget to pick up a few of these cards for your family and friends; they are handy to have for last minute needs. Want me to add another card to your order?”
- Lifesaver (Be the “Go to Merchant”) – As consumers, we have all done it. It’s down to the last minute and we need a gift. If a customer comes in for gift cards and you don’t have them, you lost a sale. The mere act of displaying gift cards lets your customers know they can rely on you in a pinch. Be the Hero and “Go To”. Try it!
- Increased Sales – The primary benefit is your sales numbers will boom! You will generate revenue in advance of sales, and studies show customers spend more than the amount on the card.
- Marketing – Get the word out about your establishment. Gift cards are like mini billboards. Your branding speaks volumes.
- Breakage – refers to the amount left on a gift card that is never redeemed. A person with a $100 gift card may purchase $97 and inadvertently toss the card in a drawer, or throw it away. This helps your margins.
- Repeat Business – If someone has never heard about your business, but receive a $20 gift card for their birthday, Christmas or even a holiday party, they will find you and maybe become a customer for life!
- Advertising – Your gift cards encourage customers to join loyalty programs as well and you will now have the data you need, providing you are using a POS system, to capture that data. Now you can send specials or “ping” them when they drive by your business.
CardSystems Merchant Services