Mid-Year Tax Planning Tips

If you own a small business, you know that taxes can be such a headache. To keep your business financially fit, there is one IRS tax break you need to take advantage of.

It’s called the IRS Section 179 Deduction.

This tax loophole allows you to deduct the entire cost of a qualifying property.

You see, normally what happens is, you can depreciate the property over several years depending on what it is.

Section 179 allows for qualifying deductions up to $250,000 that will save you money.

Here is what does not qualify:

– Things like buildings and remodeling.

Here’s what does qualify:

– The property where your business is, that you own.

– Any equipment used for business purposes such as computers, off the shelf-software, machinery and even livestock.

Remember that you need to purchase the equipment and place it in service before the end of the year to qualify for the deduction.

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