John R. Bullis: Take financial action before new year arrives

With the end of 2013 fast approaching, the time to act is now. Here are a few of the year-end financial actions you might take before the year is over to help your business: 1. Purchase new or used equipment that will help you be more efficient, and reduce the time and cost to serve your customers. New equipment and used equipment are eligible for the “expensing election” under code section 179. You can deduct the cost of the equipment you buy and put in service by Dec. 31 — up to $ 500,000.