Business owners all over the country are watching the debates and the news regarding Donald Trump's alleged ability to avoid paying corporate taxes for nearly two decades. Minds are spinning.
Our trusted finance partner, Jim Wall, at Horizon Keystone recently reminded me of a fantastic way to work through tax planning issues in a profitable year. It's called Section 179 of the tax code, and it allows for accelerated depreciation of assets (like corporate office furniture and fixtures). By accelerating depreciation of furniture purchases, a business can legally reduce tax liability.