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What’s more fun?
Lying on a beach with a chilled Margarita in your hand
or
Sitting in an office, figuring out the best way to depreciate business assets?
I must confess, that as the publisher of the Tax Reduction Letter, evaluating deduction strategies wins hands down.
(Okay. So I’m lying—maybe.)
The first step: Determining what’s legally deductible.
Let’s say you buy real property for your business (or you buy personal property that lasts for more than a year). Then there’s good news. You can deduct the cost of…
- Business buildings
- Vehicles
- Machinery
- Office furniture
- And much, MUCH more!
The second step: Determining which form
of depreciation you should use…
There are three ways that deductions for the cost of real or personal property can be claimed. They are:
- Regular depreciation
- Bonus depreciation
- IRC Section 179 expensing (technically, depreciation in advance)
I’ll explain all three in detail
in my complete article.
Make sure you can provide accurate answers
to these questions if you want
to pass IRS muster!
The IRS will want to know…
WHEN you purchased the property?
WHEN it went into use?
WHEN you first offered your services to the public?
WHEN a vehicle purchased for business-use became deductible?
And that’s just for starters.
As you can imagine, the subject of what business and personal property is deductible is complicated.
The good news is, I can make the subject easy to understand as you’ll discover when you…