11th Hour Tax-Saving Tips, Part 4

Here are five ways to save on your taxes. Number 4? Lease property and equipment to your business.
1 min read
Opinions expressed by Entrepreneur contributors are their own.

Lease property and equipment to your business to create tax-deductible expenses. If, during the current tax year, your business has been, or will be, using property and/or equipment that you personally own, you may be able to lease these items to your business. This creates a tax-deductible lease expense, while you take dollars out of your business in the form of lease income (not subject to Social Security payroll tax liability). Then you can reduce your taxable lease income by taking any applicable depreciation expense on your personal income tax return.

SOURCE: Ask the Experts

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur