Saturday Nov 26, 2022
Important Considerations for End of Year Tax Planning: Section 179 and More
Dr. Ken Thai, PharmD
Scotty Sykes, CPA
Bonnie Bond, CPA
Important Considerations for End of Year Tax Planning
Section 179 and More
Now is the time of year when people start thinking about how to wrap up their tax year in the best way possible. End of year tax planning is key to this process.
Section 179 is especially appealing because small businesses have the ability to deduct the full purchase price of equipment or software the year the equipment is purchased and deduct the full purchase price from their taxable earnings and before paying off the loan. Having the equipment immediately means they can start earning a profit and keep their working capital healthy if purchased with a loan or on a lease.
Before we delve deeper into some of the specifics around Section 179, let’s talk to a pharmacy owner who has used these benefits to significantly grow his pharmacy business.