Tax Trap #4 -- The Quagmire of Depreciation
Author: Wayne Davies
If you are a Small Business Owner or Self-Employed Person, there's one especially lucrative tax break that not only puts money in your pocket, it also makes the filing of your business tax return much simpler.
What am I talking about? It's called the Section 179 deduction, and if there's one tax break you need to understand, this is it. Here's why:
The Section 179 deduction enables the Small Business Owner to "expense" (i.e. deduct in the current year) up to $102,000 of the cost of most business equipment, rather than use those stingy and complicated depreciation rules that require you to write-off the cost over five or more years.
What's so great about that?
Think about it like...
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