Avoid depreciation tax trap in down year

August 2009
Tax Strategist;Aug2009, Vol. 4 Issue 8, p5
The article offers information on the new depreciation tax in the U.S., "Section 179." As reported, this deduction will be beneficial for small business owners as it will allow them to write off up to dollar 250,000 of new business assets placed in services in the year 2009. But this deduction is limited to the amount of annual taxable income from the business. It is suggested that business owners should buy new assets soon and place them in service before October 1, 2009.


Related Articles

  • Reducing immediate taxes leaves the funds in your "jeans". Bissonette, Laurie // Northern Ontario Business;Mar2012, Vol. 32 Issue 5, p5 

    The article offers the author's insights regarding the importance of controlling and reducing corporate and personal income taxes.

  • CHAPTER 3: Writing Off Long-Term Business Assets. Daily, Frederick // Tax Savvy for Small Business (9781413316407);11/ 1/2011, p37 

    The article discusses how small businesses in the U.S. may take advantage of the depreciation rules and Section 179 of the tax code to reduce their taxes. The two categories of business expenditures are compared which include current expenses and capital expenses. The description of Section 179...

  • Mail Call.  // Small Business Tax Strategies;Nov2013, Vol. 8 Issue 11, p8 

    The article presents questions and answers related to small business taxation in the U.S. including claiming a home office deduction for part of an office space, selling the house in installments to avoid higher tax, and adjusting basis for real estate exchanges.

  • Strategies to Lower Your Firm's Taxes. Dennis, Karla // Nationalmortgagenews.com;11/11/2014, p2 

    The article shares five tactics that small business owners in the U.S. can use to reduce their tax bill. It details the 12x12 system that presents 12 opportunities to analyze one's tax situation and make adjustments prior to the end of the year. It advises finding easy steps to reduce liability...

  • CPA institute offers tax tips for small business owners.  // Journal of Business (10756124);3/15/2012, Vol. 27 Issue 7, pB9 

    The article offers tax tips for small business owners in the U.S. provided by the American Institute of Certified Public Accountants which include recording daily expenses, deductions, retirement and insurance, payroll, equipment and contributions.

  • CHAPTER 2: Deductible Business Expenses. Daily, Frederick // Tax Savvy for Small Business (9781413316407);11/ 1/2011, p9 

    The article discusses the rules for deducting business operating expenses for taxation purposes. An explanation of how net taxable profits are determined in the U.S. is offered. The rules that apply to small businesses in order for an expense to be deductible are mentioned which include being...

  • CHAPTER 14: Home-Based Businesses. Daily, Frederick // Tax Savvy for Small Business (9781413316407);11/ 1/2011, p203 

    The article offers information on the tax treatment of home-based businesses in the U.S. The expenses incurred by home-based businesses which are tax deductible are identified. An overview of a tax break called the home office deduction is provided. The rules for designating the home as the...

  • Net Operating Loss Carryback Period Extended for Certain Small Businesses.  // Venulex Legal Summaries;2009 Q1, Special section p1 

    The article focuses on the extension of the carryback period for applying net operating losses (NOLs) between 2008 and 2009 in taxable income in previous five years given to certain small business under the American Recovery and Reinvestment Act. Small businesses having average gross revenues...

  • Do Small Businesses Need a Bailout? Bandyk, Matthew // U.S. News & World Report;Jul2009, Vol. 146 Issue 6, p78 

    The author offers opinions on U.S. law and government policies regarding small business. A series of reforms are proposed to offer assistance to small business during the recession. These include changes in tax law to reflect the growth of small businesses run from home offices and changes in...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics