Browsing Tag income tax

TAX SAVINGS – USE “SECTION 179”

By at October 30, 2014 | 11:38 am | 0 Comment

TAX SAVINGS – USE “SECTION 179”

The IRS has a section of the code that allows you to take a deduction for the purchase of business equipment, all in one year, instead of spreading it out over many years in "depreciation".  As the name implies, the section of the IRS code is #179. more...

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TAX DEDUCTIONS & CREDITS: KNOWING THE DIFFERENCE

By at October 30, 2014 | 10:49 am | 0 Comment

TAX DEDUCTIONS & CREDITS:  KNOWING THE DIFFERENCE

This may seem obvious to some but there is much confusion over the difference between a tax "deduction" and a tax "credit". A tax deduction gets subtracted from your taxable income, which in turn lowers your taxable income, which lowers your taxes. more...

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