This December, we honor the work of Don Collins, whose beautiful artwork has graced our annual calendar for each of the past 41 years. Don has produced approximately 400 works for our calendars, allowing us to share his passion with our customers. To order copies of our 2018 calendar on our website, click here. As always, the calendars are free.
Don has embraced hunting unique sites on back roads, long-deserted main streets and historical libraries in Texas for decades. The special sites include a story – be it a story of getting onto the property to take a photo, a story of the building itself, or a tale involving the folks he met on his adventures. His drawings and paintings breathe life back into these old homes, barns, courthouses, shanties and structures that he has chosen. Don authored the book, Traces of Forgotten Places: An Artist’s Thirty-Year Exploration and Celebration of Texas as It Was sharing some of these stories and drawings.
Raised in Parker County west of Fort Worth, Don worked as a commercial artist after serving in the Army during the Korean War and graduating from the University of Texas at Austin. Though he produced a wide range of images for commercial accounts ranging from builders, architects, book publishers and NASA, Don now concentrates on landscapes, character studies, and nostalgia pieces.
Collins is active in his “retirement”, having recently published a colorful children’s book featuring animals of all kinds visiting doctors and dentists. He is involved with several DFW art organizations, accepts several commissions yearly, and travels abroad, with a trip to Africa scheduled in 2017. Additional work and contact information are available on his website, www.dchandart.com.
Most people think the Section 179 deduction is some mysterious or complicated tax code. It really isn’t, as you can see in more detail on this website.
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.
Today, Section 179 is one of the few incentives included in any of the recent Stimulus Bills that actually helps small businesses. Although large businesses also benefit from Section 179 or Bonus Depreciation, the original target of this legislation was much needed tax relief for small businesses – and millions of small businesses are actually taking action and getting real benefits.
Essentially, Section 179 works like this:
When your business buys certain items of equipment, it typically gets to write them off a little at a time through depreciation. In other words, if your company spends $50,000 on a machine, it gets to write off (say) $10,000 a year for five years (these numbers are only meant to give you an example).
In fact, if a business could write off the entire amount, they might add more equipment this year instead of waiting over the next few years. That’s the whole purpose behind Section 179 – to motivate the American economy (and your business) to move in a positive direction. For most small businesses, the entire cost can be written-off on the 2017 tax return (up to $500,000).
2017 Deduction Limit = $510,000
This deduction is good on new and used equipment, as well as off-the-shelf software. To take the deduction for tax year 2017, the equipment must be financed/purchased and put into service between January 1, 2017 and the end of the day on December 31, 2017.
2017 Spending Cap on equipment purchases = $2,030,000
This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar-for-dollar basis. This spending cap makes Section 179 a true “small business tax incentive” (because larger businesses that spend more than $2.5 million on equipment won’t get the deduction.)
Bonus Depreciation: 50% for 2017
Bonus Depreciation is generally taken after the Section 179 Spending Cap is reached. Please Note> Bonus Depreciation is available for new equipment only; used equipment qualifies for Section 179 Deduction, but does not qualify for Bonus Depreciation.
For more details on limits and qualifying equipment, as well as Section 179 Qualified Financing, please read this entire website carefully.
Note: Please consult carefully with an accountant or tax expert to determine how best manage your situation.