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If you got married, it’s very possible your wedding vows included the words, “for better, for worse, for richer, for poorer.”
Well, my new article was written to make sure you and your spouse come out “richer” when you claim your Section 179 deductions!
A quick definition (by way of a review).
Section 179 of the tax code was designed to give corporations, LLCs, partnerships, and sole proprietorships a break.
How? By allowing them to immediately deduct some or all the cost of tangible property. Everything from machinery, to software, to office furniture, and much more!
For complete details, read the full article.
Check out these three important rules.
Rule #1: The Section 179 business-income limit includes W-2 income earned by both you and your spouse. We’ll explain this in detail in our complete article.
Rule #2: Section 179 expensing treats you and your spouse as one taxpayer. We’ll explain this in detail in our complete article.
Rule #3: If you and your spouse file separate returns you need to make an election that indicates how you’re going to share your Section 179 deductions. We’ll explain this in detail in our complete article.
If you remember anything, remember this…
Filing joint returns almost always saves you money and is usually the way to go.
Filing separate returns is almost always a bad idea. First, consider filing jointly.
The bottom line?
To take full advantage of Section 179 deductions, you need to know all the ins and outs of the law. We’ll give you the whole story when you…
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