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7 big moves for your small business

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in Small Business Tax,Small Business Tax Deduction Strategies

Don’t think that year-end tax planning is just for large corporations.

Strategy: Make tax moves at year-end that can benefit your small business. In fact, because you call the shots, you may have more leeway than bigger operations.

Following are seven prime opportunities for tax savings in 2016.

1. Capture Section 179 benefits. Under Section 179 of the tax code, a business can potentially deduct, or “expense,” the cost of qualified new or used property placed in service during the year, up to a stated limit. The Protecting Americans from Tax Hikes Act (PATH Act) extends this tax break, retroactive to 2015, and permanently preserves a maximum annual deduction allowance of $500,000 (subject to inflation indexing). But the deduction is limited to your taxable business income and reduced dollar-for-­dollar for purchases above $2 million (indexed to $2.01 million for 2016).

Tip: Your business might file an amended return to incre...(register to read more)

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{ 1 comment… read it below or add one }

k suresh December 13, 2012 at 4:40 am

Good thoughts on tax. I work for mcgladrey and there’s a whitepaper on the new tangible assets tax regulation and how it affects businesses, it offers very good information @ bit.ly/T31Yxi


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