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TAXES
Savvy strategies to help reduce your taxes
Tax Workshops
The IRS offers nationwide Small Business Tax Workshops designed to help entrepreneurs understand and fulfill their federal tax responsibilities. Workshops are sponsored and presented by IRS partners who are federal tax specialists. Topics vary from a general overview of taxes to more specific topics such as retirement plans. Most workshops are free. At the Web site you can search for a workshop in your area.
Understanding Depreciation
Computing deductions for property you use in your small business can be a challenge. In general, if business property is expected to last more than one year, the entire cost can’t be deducted as a business expense in the year you place it into service. It must be depreciated over the property’s useful life. Tangible property such as buildings, machinery, vehicles, furniture and equipment are depreciable. However, you can elect to recover all or part of the cost of certain qualifying property (not buildings), up to a limit, by deducting it in the year you place the property in service. This is known as the section 179 deduction. Need to know more? Check out IRS Publication 946, How to Depreciate Property.
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