2013 Year End Business Deductions
Date:
Thursday, December 26, 2013
2013 Year End Business Deductions
Time is running out! December 31st is Rapidly Approaching 
Business owners may want to look at equipment needs for the coming year and make whatever purchases you can now.
In 2013, small businesses can deduct up to $500,000 of the cost of assets such as software, furniture and other business equipment. The deduction is available for both new and used items, but your business must be producing a taxable income and you must put the purchase in service this year. In other words, buy it and install it ASAP.
You can still get the deduction in 2014, but it drops to a maximum of $25,000. If your budget allows and you have a major expansion on the horizon, buy what you can while the bigger deduction is available.
Small-business owners should also know that the Work Opportunity Tax Credit is another incentive set to expire in the next week. This program gives businesses tax credits of up to $9,600 for hiring qualified workers such as veterans. Hires made on or before Dec. 31 are eligible.
Business owners should talk to their CPA or Accountant for more details about this credit and the equipment deduction. And if find that your accountant or CPA doesn’t provide you with this kind of information, or provide you with this kind of advice throughout the year…consider making a change in 2014. There are CPA’s and Accountants that see their relationship with you as more than just doing your taxes at year end. A good CPA or Accountant can be your most valued business adviser. They can help you plan and make the best decisions for you and your business throughout the year. Why is this beneficial for them? Because the success of your business should mean success for them! Don’t settle for less, especially when it comes to your business and your money.
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