• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Snatch tax victory from defeat

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Sometimes, you just can’t avoid the last-quarter tax trap for business assets. Equipment breaks down and you need to replace it.

Strategy: Use the expensing deduction to bail yourself out. Under Section 179 of the tax code, you can deduct—or expense—up to $108,000 of the cost of qualified assets placed in service in 2006, regardless of how late in the year you add them.

The costs expensed under Section 179 are removed from the quarterly calculation. Therefore, you can benefit from faster writeoffs while you bring your last-quarter purchases below the 40 percent limit.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/7204/snatch-tax-victory-from-defeat "

Leave a Comment