In an article published by Backing America’s Backbone on March 16, 2016, Brett Beveridge provides advice to small and medium business owners on tax deductions they should be aware of. Every tax season, small and medium business owners overlook tax deductions that can save thousands of dollars. Beveridge advises business owners to use as much of the IRC Section 179 benefit as possible, which allows businesses to deduct up to $500,000 of their cost for new equipment instead of capitalizing the cost and depreciating it over time. “Immediately deduct software development costs, including costs to install and implement new software,” Beveridge recommends. “Also, favorable rules apply to those who have been in a disaster area, and small businesses may be able to deduct a loss for the damage suffered in a storm, fire, theft, flood or other event.” You may read the full article here.
- News & Analysis