11th Hour Tax-Saving Tips, Part 2
Here are five ways to save on your taxes. Number 2? Purchase equipment.
Accelerate planned equipment purchases (including computers and vehicles) so that your business makes them during the current tax year. If you are planning on making any equipment purchases for your business within the next few months, you may want to consider purchasing and placing the equipment into service before the end of the current tax year. This will allow your business to take a depreciation expense deduction this tax year. Alternatively, the purchased equipment may qualify for a special Sec. 179 expense deduction of up to a maximum of $24,000 ($3,060 for vehicles).
SOURCE: Ask the Experts