In the midst of the holiday whirlwind, don’t forget to take steps to cut the 2023 tax liability for your business. There’s still time to implement a few strategies. For example, you can charge expenses normally paid early in the year on your credit card before Jan. 1. That way, you can claim the deduction for 2023 even though you don’t pay the bill until 2024. Are you thinking about purchasing heavy vehicles, equipment, machinery or office equipment early in the new year? Buy them now and place them in service by Dec. 31, and you can deduct 80% of the cost as bonus depreciation. Or take advantage of the Section 179 first-year depreciation deduction, if eligible. Questions? Contact us.
