Tax deductions for 2013 are expiring at the end of the year. One of my favorite parts of my job is tax planning with my clients. Prior to the end of the year we can make great use of current tax laws and minimize tax liability. I love saving my clients money. If your business needs any equipment or capital improvements, there is no time like the present. 2013 tax laws allow for up to $500,000. deductions. This drops to $25,000 in 2014. Congress can change tax laws at any time. They can even change them retroactively, but as of right now the current allowed deductions are tremendous. What are capital improvements? A new company truck, a new server, computer, tenant improvements (if you are the tenant). This equipment must be in place and working by Dec 30, 2013. It can not just be ordered.
In short, call your CPA and get together early enough to actually make a plan and put it into action. I really enjoy preparing taxes, but this is the time of year when I can do my best work and maximize your tax savings.
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