Wednesday, December 24, 2008

Tax Tip - Year End Business write offs

Here are some tips you might consider to help reduce your 2008 tax liability if you are self employed or a freelancer.
  • Purchase needed supplies now - such as paper, printer ink, office supplies, equipment and take the deduction on your 2008 taxes.
  • If you are in the market for a new piece of equipment. Now may be a good time to purchase. You may be able to find it on sale as retailers rush to lighten their inventory. You can claim a 179 deduction on your depreciation schedule for the entire price of the piece of machinery.
  • Consider charity donations - either to charitable organizations or your church. However, this deduction can only be taken if you itemize using Schedule A.
If you have specific questions, give me a call. I will be glad to help you find the answers that you need.

Christie Pegoda
SD Virtual Assistant
phone 501-205-4083
fax 888-243-0865

No comments:

Post a Comment