Tired of dealing with those complex depreciation rules? Thanks to recent tax law changes, here’s how to avoid them completely while benefiting from a lucrative small business tax break that not only puts money in your pocket, but also makes the filing of your income tax return much simpler.
What am I talking about? It’s called the Section 179 deduction, and if there’s one tax law you need to understand, this is it. Here’s why:
The Section 179 deduction enables the Small Business Owner to “expense” (i.e. deduct in the current year) up to $105,000 of the cost of most business equipment, rather than use those stingy depreciation rules that require you to write-off the cost over five or more
years.
What’s so great about that?
Think about it like this: I’ve got a dollar and I’d like to give it to you. You have two choices — I give it to you now, or I give it to you 5 years from now.
Which do you prefer?
Obviously, you’d rather have it now, right?
And why is that?
Because of what you learned way back in Finance 101: something your banker calls “the...
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