Taxes

As a business owner, when purchasing property, such a vehicle or machinery, you are eligible for tax deductions for buying and using them. These deductions resemble the basic principle of depreciation. In other words, you can write off the expense of buying certain types of property over a certain number of years. However, a Section 179 deduction improves upon this standard by allowing you to write it off in a single year. This is important for business owners like you because it can save you money on your business tax return. What is a Section 179 deduction? Section 179 of the [...]

The new corporate tax law allows many business owners to receive a 20% deduction on their business incomes and enjoy 100% depreciation on qualifying assets in service from September 27, 2017 to December 31, 2022. Together, these provisions make the perfect combination for business growth and opportunities for a more efficient warehouse layout. We’ll explain why. What Are Depreciable Assets? A depreciable asset normally amortizes over several years until it is either sold or reaches the end of its life. All the business owner has to do is purchase, install, and use it for the asset to depreciate. Such assets can [...]