Are you a business owner? In the past year, have you purchased an asset to help maintain or grow operations?
Nearly all businesses invest in assets that are used in operating the business. The cost of long-lived assets is spread over the asset’s useful life and deducted from revenue for accounting and tax purposes through depreciation.
However, many business owners are unaware that various types of depreciation can lead to a significant tax deduction, allowing you to reduce your taxes.
My clients have asked me to walk through how depreciation works, how to minimize recapture income on property sales, and how to slow down depreciation in years when you don’t need more significant deductions.
Book your free tax assessment to learn how you can still take advantage of this strategy for 2021 and thereafter.