What is an equipment finance lease: can you write off your equipment on your taxes?
When you are just starting out, it is always a fantastic idea to lease most of your equipment so that you have everything you need in order to serve the public.
If you are a dentist for example, you need all the dental tools and chairs that you can get – within reason. You can even write off your entire equipment lease on your tax return.
How An Equipment Finance Lease Differs From Normal Loans
You should have a good idea of what a lease and a financing option allows you to do. If you do not, you are really missing out on the good stuff – literally.
Each of these options is like a loan that allows you to get the equipment you need to run your business in a very profitable fashion. Your contracting business would need good brad nail-guns if you are putting in a lot of wood flooring. You will want to make sure they are getting the best that are available as well and you can do that through one of these options.
If you want another option to add to the mix to make it even better for your business – try looking into a finance lease. These special types of loans that allow the company doing the loaning (us here at LeaseQ) to purchase the equipment in full before we lease it to you.
This allows you to make payments on the equipment, such as office chairs for your business.
You will be paying in installments, just like you would on an automobile loan. We will be acting like the bank that would be holding your title – if you had a new automobile loan. We do not loan automobile loans here though.
What Is An Equipment Finance Lease For My Business Needs?
You might think it would be a lot easier to just deal with a finance or a lease in general, but you really have a lot of advantages when you go for a finance lease. It is worth your time to figure out the answer to the question – what is an equipment finance lease.
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You allow yourself complete ownership to do whatever you want with the equipment.
A computer equipment lease will allow you to make any modifications that you want to do with your computer. This might actually void the warranty that comes with the computer initially, but it allows you to make sure the computer is working the way you need it to be working – such as adding a video card to each computer equipment you get.
You can even ask us here at LeaseQ if we might know a good place for any modifications to the equipment that you finance lease through us.
Knowing The Risks
What is an equipment finance lease for a business that might not actually need the product when the lease is over – that depends on an abundance of factors.
You should have a very good idea coming into a binding contract – such as one of this nature.
This will allow you to avoid any confusion that will arise when you do not actually need to keep the equipment after your lease is over. A regular lease might be better for you in this situation.
If you know you will need the equipment lease when the finance lease is over, such as a coffee shop will need coffee makers, you are on the right track.
It is very important that you know one important thing when going into something like this – it is not something you can easily get out of. It is yours to own no matter what the case might be when you finally pay it off.
We are allowing this option to finance a purchase that we made with our own money.
There are a multitude of benefits for you to go for a lease like this, we are putting our own reputation down to be able to help you in the best way that we possibly can – please have a good idea you need the equipment.
In short, make sure that you know what the contract includes for you when you go with a lease such as this one.
CLICK HERE to get a free quote and find out some more information about this type of lease. Do not hesitate to CONTACT US for even more information.