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Posted: 11/12/2014 12:29 PM by
Robin Kavanagh | with 0 comment(s)
It’s November again, and chances are that the last thing on your mind is taxes. After all, April 15th is a long way off and holiday production season is starting to pick up speed right now.
Keeping taxes on the back burner can be a serious business mistake, as the last day for making strategic tax decisions for 2014 is only a few weeks away. December 31 rolls around pretty quickly, and considering that its New Year’s Eve, any decisions you make then will likely be too late.
A great example would be deciding whether to take advantage of the Section 179 deduction. Depending on your tax bracket, buying a new sublimation system now could be like getting a 35% discount!
In basic terms, Section 179 of the federal tax code allows you to deduct 100% of any qualified equipment purchases in the tax year in which it was purchased, rather than collecting a deduction for depreciation over the next five years.
In other words, if you bought a new printer that cost $1,000 (before the end of the year), you could deduct the entire amount on your 2014 taxes, which would then reduce the amount of your taxable income. What’s more, this deduction isn’t limited to one purchase. If you were seriously considering purchasing some new equipment after the first of the year, you might actually be better off closing the deal during the waning months of 2014.
This sample calculation presents a potential tax scenario based on typical assumptions.
In reality, you should be focusing on taxes throughout the year, not just at the end. Ideally, you want to set up a strategy with the help of your accountant, business coach or financial adviser to ensure that you are taking full advantage of all the tax deductions you’re entitled to as a small business owner.
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