Buying cars or equipment for your business? Know these Big 2 Tax Deductions
It's that time of year: TAXES.
December 31st has come and gone but frantic year-end business purchases to lower tax bills isn’t just a December thing.. it’s a lack of planning year-round… thing.
If you decide to pull the trigger on big purchases for your business at any point in a calendar year, it's important that you get familiar with two big tax deductions:
✅ Section 179 Expensing
✅ Bonus Depreciation
What each are, the differences between them, the tax implications of reselling those assets later, and of course the nature of California state income tax nonconformity to Federal tax laws.
As always, speak with your qualified tax professional for advice on your situation.
If you need help to discuss your situation or would like a referral to a tax professional, I’m always happy to help!
Use the below link to book a complimentary Zoom with me.
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