Year End Reminder

Discussion in 'General Discussion' started by RightHand, Dec 4, 2006.

  1. RightHand

    RightHand Been There, Done That RIP 4/15/21 Moderator Moderator Emeritus Founding Member

    For any Schedule C tax filers (business) don't forget that you only have until December 31 to take possession of new capital assets in order to take the deduction for the current tax year. Now is the time to buy the new computer, printer, lathe, truck, etc. Given the choice of investing in your business or sending the money to the government, always invest in yourself. To qualify for the deduction, the purchase can be paid in cash/check, credit card, or any other instrument of debt - note, finance agreement, mortgage - in order to quality.

    Also, don't forget to remind your customers of this if you sell goods that can be capitalized.
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