I got an amazing amount done on my taxes last night, but I'm stuck on some remaining mysteries that perhaps some of you might be able to shed light on
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If you're unfamiliar with varying forms of depreciation, you probably want to have a small business expert review your tax return for the first year or two. There are *many* ways to save money, and many gotchas.
I did pump my accountant friend for clues, which was useful to some extent. Did you have someone you recommend?
Section 179 is extreme *front*-loading (100%) for depreciation, not back-loading, unless it has some features I'm unaware of.
My old tax preparer was wonderful, but he died, and I now do my returns myself. I would think that knowledge about small-business taxes would be fairly widespread.
What I found hard to find was a tax preparer who shared my aggressive approach. There are many gray areas in the tax code where *no one* understands what was really meant. I want a preparer who will take every deduction we can make an argument for, and who's good at making arguments.
Section 179 is extreme *front*-loading (100%) for depreciation, not back-loading, unless it has some features I'm unaware of.
"If a business is unprofitable in 2013, and has no taxable income to use the deduction, that business can elect to use 50% Bonus Depreciation and carry-forward to a year when the business is profitable."
I have no idea how to do this, I have no idea if this applies to 2012, and have yet to find instructions, but it would seem to be a lead.
What I found hard to find was a tax preparer who shared my aggressive approach. There are many gray areas in the tax code where *no one* understands what was really meant. I want a preparer who will take every deduction we can make an argument for, and who's good at making arguments....I may know the guy for you. Though he said he was booked up this year
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You might want to do this if you think your tax bracket will be higher in future years
I can predict with confidence that my tax bracket will be going up. See, there's not a lot of down for it to go.
Is there a back-loading form of depreciation?
http://www.section179.org/section_179_deduction.html
Oh, yes there is! Awesome. Thanks.
If you're unfamiliar with varying forms of depreciation, you probably want to have a small business expert review your tax return for the first year or two. There are *many* ways to save money, and many gotchas.
I did pump my accountant friend for clues, which was useful to some extent. Did you have someone you recommend?
Reply
My old tax preparer was wonderful, but he died, and I now do my returns myself. I would think that knowledge about small-business taxes would be fairly widespread.
What I found hard to find was a tax preparer who shared my aggressive approach. There are many gray areas in the tax code where *no one* understands what was really meant. I want a preparer who will take every deduction we can make an argument for, and who's good at making arguments.
Reply
"If a business is unprofitable in 2013, and has no taxable income to use the deduction, that business can elect to use 50% Bonus Depreciation and carry-forward to a year when the business is profitable."
I have no idea how to do this, I have no idea if this applies to 2012, and have yet to find instructions, but it would seem to be a lead.
What I found hard to find was a tax preparer who shared my aggressive approach. There are many gray areas in the tax code where *no one* understands what was really meant. I want a preparer who will take every deduction we can make an argument for, and who's good at making arguments....I may know the guy for you. Though he said he was booked up this year ( ... )
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