Why Now Is The Perfect Time To Invest In Your Waste Business

Finding the time to implement software in your liquid waste or roll-off business can be difficult. Even when the busy season is over, you’re still too busy. So when is the right time to buy and implement software? Well, the answer is NOW, and here is why:

Your Waste Business Has More Time Freed Up

Implementing any new process at your business can be time-consuming but when you are switching to software that will help run your whole business, it can be particularly more tedious. The good news is that if you find the right tool with the right team, you will get the support that you need to get the process completed in a timely manner and you will only have to do it once! Hopefully you have found more time to invest in your business now that the busiest part of the year is over. But, we know that doesn’t mean you aren’t still busy. Look into buying software before busy season 2023 is here in the blink of an eye!

You Can Deduct The Price of Software From Your Waste Businesses Taxes 

I’m sure you have heard of it but let me introduce Section 179. It’s a code that lets business owners deduct the full purchase price of software & some qualifying equipment throughout the tax year. So, if you choose to purchase software for your waste business, you can get a tax write-off.  Why does this exist? Section 179 is meant to encourage small businesses with an average income to make decisions that allow them to grow their business and in other words, help them grow their income. 

You can claim software expenses at year’s end when filing your taxes with other business deductions. Be aware however that for this to apply, you must meet these requirements:

  1. Deductions are itemized 
  2. Deductions are greater than 2% of your AGI
  3. Total qualifying deductions are $1,080,000 or less

There are specific requirements for your software to meet in order for you to be able to deduct it. You can read more about the qualifications here. Long story short, if you purchase tools like ServiceCore, you can deduct the expense when you file your taxes.

Other Ways Waste Businesses Can Take Advantage of Tax Deductions

The tax law permits businesses to deduct any expenses which help them attract new customers and retain their current ones. There are many other expenses your waste business may be able to deduct and it is important to make sure you understand them. Here are some examples:

Invest In Advertising & Marketing For Your Waste Business

There are two types of expenses:

  1. Ordinary Advertising & Marketing expenses are tax deductible. An ordinary expense is a cost that is common and accepted by the industry you are in. 
  2. Necessary expenses are costs that are helpful

Examples of costs that typically are deductible: 

  • Any reasonable advertising costs that are directly related to your waste business
  • Expenses for the cost of goodwill advertising that helps put the company name in front of the public & relates to gaining business in the future. 
    • Example: The cost you spend on advertising that gets people to donate or contribute money to a charity foundation.
  • Thirdly, expenses for purchasing food, recreational facilities, or entertainment with the purpose of advertising your waste business or showing goodwill in your community. 
    • Example: You can sponsor a community block party to get awareness for your business and bring people together and deduct it from your taxes.

Invest In Equipment 

  • Buy new tablets and/or phones for your drivers to utilize software in their trucks
  • Invest in inventory & add new types of inventory to grow your business
  • Service your trucks that you’ve been holding off on fixing
  • And more!

Spend time researching how you can maximize your tax deductions so that you don’t miss out on this upcoming tax season. 

ServiceCore is not a tax professional. Please consult your tax advisor for tax advice. Ready to invest in your business? Demo ServiceCore today!

Karsen