If you are starting a new business or are already a successful one, chances are you are in need of some sort of equipment. It can be computers for your Tech Company, ovens or refrigerators for your bakery, or even trucks if you have a moving company. No matter what kind of equipment you need, you also need a way to get it into your company. Since most companies can’t afford to buy necessary equipment outright, there are ways to get equipment quickly and easily to get your business off the ground or continue to have it be successful. You can either lease your equipment or finance, but what is the difference?
Think of financing and leasing equipment as if it was a car. Almost all of us have a car, what differs is the way we purchased it. If we decided to lease a car, we agreed to terms of a lease and the length, usually 5 to 7 years, and make monthly payments on the lease. At the end of the lease, we give the car back or exchange it for a newer one. If we decide to finance, we agree to a loan and the term, and once the loan is paid off in full, the car is ours. Leasing or financing equipment is very much like this.
If you decide to lease equipment, you would agree to a term and monthly payments. These payments would also factor in an interest rate, which can be anywhere from 8 percent to 30 percent. Most parameters of a lease are tax-deductible. Companies that lease equipment to you generally hold themselves responsible for regular maintenance or if any issues with the equipment arise, taking the burden off of you. Once your term has ended, you can renew your lease for a newer or more modern piece of equipment, or just walk away. Keep in mind that leasing terms are often complicated and binding, leaving no wiggle room if you want to terminate early, and often come with extra fees.
If you think financing is the best way to get your equipment, you will get a loan and make monthly payments for the decided amount of time. You are sometimes required to make a down payment. Finance loans are not tax-deductible, and you will only see write-offs for the interest you are paying toward the loan. At the end of your term, the equipment is yours to keep. You will be responsible for any upkeep, and you might even be saddled with outdated or unusable equipment, especially if your loan term is long.
This is one of the questions that people ask us when they hear about this kind of service offered by Smile Florida. It is true that there are some who are reserved about this, but the truth is that it is indeed a needed service. It is better to be prepared for whatever expenses may come later than be sorry. The beauty of the estate and financial planning is that it will help you have access exactly to what you want – be it a new home, a new car or the vacation that you are dreaming of.
Planning ahead will help you not only save money but also give you a peace of mind that other people don’t have when facing a financial problem.
What you need to know
First of all, we are offering you a wide range of services. This means that we are offering estate planning, taxation, a retirement planning and also some investment strategies. Only with a wide range of specialists will you be able to achieve what you want.
How can you evaluate what it is being offered?
Our main role is to offer you the best professional advice regarding your finances. As said, we cover many areas and here is what to expect from our advisors:
- We will give you a true evaluation of your financial position, outlining it as it stands and also describing any alternatives. Based on this, we will make some recommendations and you will be able to make a decision.
- Together we will try to find ways to increase the value of the assets you have. This will benefit not only you, but also your family.
- We will make estimation on your tax liability for your estate and holdings. There are possibilities to minimize the tax liabilities, so we will present them to you.
- There is always the possibility to increase your retirement income, or better said maximize it to your benefit.
- With a proper business planning you will be able to reduce taxation.
We respect our clients, and because of this, we are always trying to offer them the best possible solutions. This is just a part of our services, but everything depends on the clients’ needs. You will be able to talk to professional advisors, and together you will find the best way to improve your life style. It’s not a decision just for you, but also for your family, because you will be able to offer them what you have always wanted.
Choosing an estate planning or live without it
Choosing an estate planning is a must, with these days’ financial situation of the markets. It is very important to have a place that you can call ‘home’ and we can help you get it. Whether you have just finished college or just got a job or even if you are newly wed or you want to start your own family, an estate planning will be the best thing to do.
A financial advisor will guide you along all the steps you need to take to make sure you can afford the said house. There are no hardships in making plans and talking to professional personnel. They know their job and also, they know how important it is for you to be able to afford something like this.
Once you have set your estate planning, you can start living your life as you want it. This is only the first step, because, along the way, you will see that a financial planning is needed to achieve safely what you want. As it was said at the beginning, with our help you will be able to have the house of your dreams, the most profit out of your business and a great retirement planning with plenty of income to cover your expenses.
Find out more with a meeting at Smile Florida’s headquarters.