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24 PalletCentral • September-October 2020 palletcentral.com Best practices in writing off the cost of business equipment and supplies in 2020. FINANCE By Barbara Weltman C OVID-19 has undoubtedly impacted your businesses in many ways, one of which is some of the equipment and supplies you need to buy this year, as well as other items that you may want to obtain now. Tax incentives help to cut the cost of your acquisitions, if you know the rules. Let's review the best ways to leverage your purchasing expenses. Determine Your Equipment Needs Now Review what items are now essential to your business. These may include: • Personal protective equipment (PPE). Be sure to have on hand the necessary items – masks, gloves, etc. for your staff. • Cleaning supplies. In addition to stocking up on basic cleaning supplies (you may want more than usual), you may need additional items for sanitizing trucks, offices, and other areas. Also, project items you may want to obtain now, such as: • Inventory-related items. Assess your current inventory and project your expected needs. Factor in any pandemic-related concerns you may have about your current vendors that could go out of business and other supply chain issues. • Vehicles. Older vehicles may need to be replaced. If your business has expanded, you may require additional vehicles. • Robotics. Automation in manufacturing, quality control, and material handling can be a benefit to your bottom line. While not everything can be handled by technology, many tasks can, such as high- mix pallet assembly. Coopersmith Photography WI$ELY Expense iStockp[hoto.com/Kent Johnson iStockp[hoto.com/the.epic.man