3. Business Tax Deductions
Do you own your own small to mid-sized business and wish you could get the same deductions as the large corporations? You can if you if you take advantage of IRS tax code Section 179, which allows businesses to deduct up to an amazing $500,000 in their assets for the fiscal year. This is in addition to something called a bonus depreciation that allows owners to depreciate half of the cost associated with equipment purchased and used. It applies through 2017 until it depreciates to 40% of the cost in the following year and down to 30% in the year after that.