Year-end tax planning isn't just about making sure that you write a check to a soup kitchen before Dec. 31 to get a deduction for a charitable contribution for 2007.
For businesses, it's also a time to review complex tax rules and strategies. Here's a look at some potential tax breaks:
Bob D. Scharin, RIA senior tax analyst from Thomson Tax & Accounting, noted that business owners must take delivery of the equipment and place it in service by year's end to take the deduction for 2007.
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For businesses, it's also a time to review complex tax rules and strategies. Here's a look at some potential tax breaks:
- Small businesses can find a tax break in the Section 179 Deduction.
Bob D. Scharin, RIA senior tax analyst from Thomson Tax & Accounting, noted that business owners must take delivery of the equipment and place it in service by year's end to take the deduction for 2007.
Read More Article...
1 comment:
Small businesses should definitely be planning for year-end taxes prior to Dec 31st. One great option mentioned to reduce taxes is Section 179. A simple calculator http://www.crestcapital.com/tax_deduction_calculator you can use to determine tax savings on various $amounts is a great place to start. If you don’t have cash available to add equipment, furniture, etc, certain leases and loan structures qualify for the Section 179 expensing allowance.
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