Small Business Tax Savings Podcast
Business:Entrepreneurship
Maximizing Tax Savings with Depreciation and Capitalization Policies for Small Business Owners
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Boost your financial efficiency and navigate the complexities of depreciation with confidence!
Discover the power of depreciation in the world of business and investments. Learn to leverage various depreciation methods - regular, bonus, and section 179 - to optimize your tax deductions. Uncover the nuances of asset management, including when depreciation starts and how to handle asset sales. Simplify your financial records with a capitalization policy and make well-informed year-end decisions
Tune into this episode to learn all you need to know about depreciation and how it can make tax filing easier for your small business!
[00:00 - 07:47] Mastering Depreciation: Strategies for Business Asset Management
[07:48 - 14:42] Timing, Sales, and Capitalization Strategies
[14:43 - 21:18] Simplifying Depreciation and Asset Management: Insights for Year-End Planning
Learn More: https://www.taxsavingspodcast.com/blog/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-sense
Key Quotes
"Depreciation is essentially just a way of how do we write off an asset. We buy a new truck, we buy a new piece of equipment, we buy various things for our business, and how do we write it off? That's in the form of depreciation." - Mike Jesowshek
"Do not go out and buy things that you don't need simply for a tax deduction. That's a no-win situation for a business owner." Mike Jesowshek
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
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Podcast Website: https://www.TaxSavingsPodcast.com
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