Rev Up Your Year-End Spending Game for Big Bucks and Tax Breaks!
As we inch closer to the year’s grand finale, you might find yourself sitting on a pile of unused, budgeted funds, just waiting to be splurged. Now, we get it; most folks prefer to play the waiting game, scrambling in the eleventh hour (or even the twelfth) to make those last-minute purchases. But, listen up, because this year, there’s a smarter way to handle those leftover bucks, especially if you’ve got your eyes set on some new wheels or gear for the grind.
A “use-it-or-lose-it budget” means if you don’t empty your financial coffers by the allocated deadline, you’re waving goodbye to those leftover greenbacks.
Now, at first glance, that might not seem too shabby. After all, you’re not using those funds this year, right? But hold on to your wallets because here’s the catch: next year, when you really need those dollars, you might find yourself staring at a skinnier budget. It’s like being penalized for being a responsible steward of your funds. Ain’t that a kicker?
But fret not, because there’s a way to dodge this fiscal fiasco. To avoid the budgetary blues, the savvy ones with use-it-or-lose-it budgets aim to deplete any surplus cash, making a compelling case for those full allocations. Cue the fourth-quarter spending extravaganza!
Now, let’s talk about the elephant in the budgeting room. Those last-minute Q4 splurges often don’t sync with what you or your business genuinely need; it’s more like a grab-what-you-can scenario. But if you’re eyeing some shiny new work vehicles or gear to up your game, it’s high time to kickstart your shopping spree.
Ideally, with lead times for chassis, bodies, and upfitting, you should’ve begun ordering for year-end spending as early as June. But hey, no need to panic if you missed that memo; the next best time is right now. Start working the magic with dealers and upfitters today. Who knows, you might stumble upon upfitted vehicles waiting for new owners on the dealer lots or snag open build slots, thanks to canceled orders.
The clock is ticking, folks, and the longer you wait to strike that deal, the slimmer your chances of scoring your dream wheels or equipment by year-end. And remember, that year-end deadline isn’t just about your budget; it’s about reaping some sweet tax deductions (at least for your business). But here’s the kicker – these tax benefits demand that you not only buy the vehicle but also put it to work this year. So, if you’re gunning for the coveted Section 179 deduction and bonus depreciation, better rev up that engine and get moving.
But hold up, we’re not just talking about blowing money or milking tax benefits here. It’s also about fueling your business with the right tools and gear to conquer the upcoming year. It’s about investing in success, both for you and your hardworking team. And we’re here to help you make those moves.
So, folks, whether it’s revving up your fleet or supercharging your equipment, don’t wait until the last minute; get on the fast track to securing your budget, scoring tax breaks, and giving your business the boost it deserves. The clock is ticking and it’s time to ride the year-end spending wave!
1Truck America, September 27th 2023