Tip 3 – Tax deduction
Are you aware of what tax deductions you can take to help your business?
Check out Business Provision; Section 179, Expense for Small Business.
You can deduct up to $17,500 of annual investment in your business,
whether financed or purchased outright.
The only main restrictions are that the investment can’t
be land, buildings, or structural fixtures, and it can’t
be received through a gift or inheritance. Also, the deduction
can’t exceed your net taxable income from that year, but
if it exceeds that income, it can be rolled over to another year!
If you don’t have an accountant, we really urge you to
seek one out; be sure they know about small businesses, and tell
them about Section 179!
