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179 Reasons Business Owners Need This Tax Deduction

In the flurry of tax changes that happened for 2016, one of the most overlooked deductions by small business owners is the Section 179 tax deduction.   This deduction was set up to allow business owners to deduct many different types of equipment used for their business.  In fact, there were certain loopholes within this tax code to allow for the purchase of certain vehicles as well. The IRS has set the Section 179 tax deduction limit in 2016 for $500,000 and the overall phase out is $2 million.   There was a little known act that got enacted called PATH (Protecting Americans From Tax Hikes Act of 2015).   PATH presented business owners with a significant opportunity to purchase software, technology, and equipment and if structured correctly expense all of it off in the year they pay for it versus depreciating it down the road. One of the most frequently asked questions is when businesses lease or buy equipment is whether or ...

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I like April 15th!

Within a few weeks, we will be approaching one of my favorite days of the year April 15th.   This is the last day of the official tax season unless you are filing an extension.   If you ever want to see something truly funny, park your car around 10 p.m. outside of a U.S. Post Office on the last day of tax season and watch the masses flock with their tax returns. The thing I like about April 15th is asking the question, “Did you learn anything different this tax year than the year before this one?” Each year, people seem to spend more time watching Dancing With The Starts or some other reality show than figuring out ways to save money in taxes.   By the time the 2009 tax season ends on April 15th, we are almost a trimester into the 2010 tax year.   This is the time to reflect and ask yourself what you will do differently in 2010 ...

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